Democrats will submit a proposal in the next stimulus package that would generate $ 3,000 per child in certain households.
Why it matters: The new legislation, led by Ways and Means Chairman Richard Neal (D-Mass.), Comes shortly after Senator Mitt Romney (R-Utah) introduced a similar proposal, providing bipartisan support for expanding benefits for families with children.
The Biden administration has revised and supports the proposal, according to the Washington Post, which first reported the plan. The bill, reviewed by Axios, will be unveiled Monday, along with other Ways and Means provisions.
- The IRS was said to begin depositing payments into bank accounts on July 1.
- Payments would come in monthly installments.
- Eligible family income would be based on the previous year with lower payouts for individuals making $ 75,000 for individuals and $ 150,000 for those filing jointly.
- Eligible households with children ages 17 to 6 can receive payments of $ 3,000 for each child and $ 3,600 for children under 6.
What they say: “The pandemic is driving families deeper and deeper into poverty, and it’s devastating,” said Rep. Ritchie Neal (D-Mass.), Chairman of the Ways and Means Committee, in a statement.
- “We’re making the children’s tax credit more generous, more accessible, and by paying it out monthly, this money becomes the difference in a roof over someone’s head or food on the table,” he said.