President Biden has unveiled his reformed child tax credits which will see American families paid up to $3,600 to help raise each of their children.
The raise, unveiled as part of Biden’s $1.8 trillion American Families Rescue Plan, will see families with children aged under six receive a monthly payment of $300 per child – equivalent to $3,600 – in 2021.
Families with children aged between six and 17 will receive $250 a month, or $3,000 over the course of a year.
Cash will automatically start hitting the bank accounts of families who have filed 2019 and 2020 federal taxes from July 15. Eligible families previously reclaimed the tax credit back when filing their annual taxes.
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