The New Child Tax Credit Is Here. Will Millions Get Cash Permanently?
Consider This from NPR
NPR
4.2 • 6.2K Ratings
🗓️ 20 July 2021
⏱️ 11 minutes
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Summary
Those payments top out at $3,600 a year per child — an amount experts say could lift tens of millions of children out of poverty. But the expanded credit is only scheduled to last one year. The question now is: will Democrats succeed in making it permanent?
Here's a breakdown of what you need to know from NPR's Andrea Hsu.
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Transcript
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| 0:00.0 | The expanded child tax credit is here. |
| 0:03.4 | This tax cut will be issued in monthly payments. |
| 0:08.1 | This has never happened before. |
| 0:10.5 | In America? |
| 0:11.7 | Yes, it is a big deal. |
| 0:13.5 | The baby you hear crying in that crowd when Vice President |
| 0:16.7 | Kamala Harris spoke last week could make its parents eligible |
| 0:20.3 | for an expanded child tax credit worth up to $3,600. |
| 0:24.7 | Half of it in monthly cash payments. |
| 0:27.0 | Because I know if the struggle to make ends meet is monthly. |
| 0:32.2 | The solution has to be also. |
| 0:34.1 | People who make more get less and eventually the benefit phases out. |
| 0:38.3 | Tens of millions of families are expected to get cash. |
| 0:41.8 | Some already have. |
| 0:43.1 | The payments are going out around the 15th of each month. |
| 0:45.7 | From now until December, you get the second half of the credit |
| 0:49.0 | when you file your taxes. |
| 0:50.4 | The net result of all that is we're going to cut childhood poverty |
| 0:54.2 | in America by almost 50% this year. |
| 0:58.0 | That is Senator Michael Bennett of Colorado. |
| 1:00.5 | Notice he said this year the tax credit is for one year only |
| 1:05.0 | a part of the COVID relief bill president Biden signed back in March. |
... |
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