Child tax credit starts hitting US families’ bank accounts

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President Joe Biden arrives to speak at an event to mark the start of monthly Child Tax Credit relief payments, in the South Court Auditorium on the White House complex, Thursday, July 15, 2021, in Washington. (AP Photo/Evan Vucci)

By JOSH BOAK
Associated Press

WASHINGTON (AP) – The U.S. government is starting to deposit child tax credit money into the accounts of more than 35 million families.

President Joe Biden has expanded the credit for one year as part of coronavirus relief.

The result is that most families will now qualify for monthly payments of as much as $300 per child beginning Thursday.

Biden is seeking to extend the payments and make them permanent. He says that would cut child poverty in half and help economic growth. Some Republican lawmakers say the payments will make parents less likely to work.

Categories: Associated Press, National News, News