Child tax credit starts hitting US families’ bank accounts
By JOSH BOAK
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.