Axios
Democrats reveal $ 3,000 direct cash payments to families with children
The Democrats will make a proposal to the next stimulus package that will see direct payments of $ 3,000 per child in certain households. Why It Matters: The new legislation, led by Ways and Means Chairman Richard Neal, D-Mass., Coming Soon After Senator Mitt Romney, R-Utah tabled a similar proposal, he backed it Expansion of cash benefits for families with children in a non-party way Get smarter, faster, read the news CEOs, entrepreneurs, and top politicians read. Sign up for the Axios newsletter here. The Biden administration has reviewed and supported the proposal, according to the Washington Post, which first reported the plan. The legislative proposal reviewed by Axios will be published on Monday along with other provisions on ways and means. The IRS would begin depositing payments into bank accounts on July 1st. Payments would be made in monthly installments. Household income qualification would be based on the previous year with lower payouts for individuals $ 75,000 for individuals and $ 150,000 for those submitting collectively. Ineligible households with children 17-6 could 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, Rep. Ritchie Neal (D-Mass.), Chair of the Ways and Means Committee, said in a statement. “We’re making the child tax credit more generous and accessible. If we pay it out monthly, that money will make the difference between a roof over your head or food on the table,” he said. Be Smart: Subscribe to the Most Influential Newsletter in America for FREE.
