35.2 million families just got the first monthly child tax credit payment

Read the Story

Show Top Comments

We got it and I’m glad. Childcare is expensive. 5k in fsa doesn’t even begin to cover it. Kindergarten might be free but when your kid who knows how to count and read gets sent to free class with children who don’t, you open the checkbook and pay for better education pretty quick.

WarriorZombie

>Roughly $15 billion has been sent to 35.2 million families in the first of six advance child tax credit payments, according to the U.S. Treasury Department and IRS. The average payment in the first round is $423, and will reach nearly 60 million children, the agency said. >Half of the money will be distributed as an advance on 2021 tax credits in monthly payments from July to December — the second half will be claimed when families file taxes next year. **For households getting the full benefit, payments will be $300 per month for children under the age of 6 and $250 for those between the ages of 6 and 17.** >There’s no limit on the number of eligible children who can receive the credit. For example, a family with three children ages 5, 8 and 10 who qualified for the full credit would get $800 per month I’m honestly not sure if this is a good thing or not. I understand kids are expensive, but should we be subsidizing people who choose to have them? Especially to the tunes of billions of dollars. Also, there’s no accountability to where the money can be spent. What do y’all think? Edit: Just realized it’s only for one year. I thought it was permanent. In that case, I think it’s good. *facepalm*

bsmart08

As a public Title I school teacher, counting on my students to buy/bring their own supplies this year. Yeah, right! Whom am I kidding!?!!

NOT-a-flatearther

I wonder how many will be shocked come tax time when they get half their child tax credit.

Chris0nllyn

My kids just aged out of this but I hope it helps kids

reincarnateme