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The Biden administration hopes to drastically reduce childhood poverty rates through the expanded child tax credit. Photo: Sam Aronov/Pacific Press/LightRocket via Getty Images

The expanded monthly tax credit payments announced by the White House in May will begin going out Thursday, according to the Treasury Department.

The big picture: The enhanced child tax credit, which is part of President Biden's $1.9 trillion COVID relief package, will provide eligible families with $300 monthly cash payments per child up to age 5 and $250 for children ages 6–17.

  • About 39 million households — and 88% of children in the U.S. — will be covered by the monthly payments, the Treasury Department said in a statement in May.
  • The administration has touted the program as key to drastically cutting child poverty levels and could affect families of more than 65 million children, per CNN.

How it works: The IRS will begin sending out the payments on July 15, and monthly installments will be sent out on the 15th of each month through the end of the year unless this day falls on a weekend or holiday, in which case the payment will be sent earlier, per a Treasury Department spokesperson.

  • "The vast majority of payments will be made by direct deposit so many people will see funds available in their accounts on the 15th. For those receiving money by check, those will be sent out before or on 7/15," said the spokesperson.
  • The tax credit will also be fully refundable, in order to encourage more low-income families to take advantage, per CNN.
  • Families can use a specific IRS portal to update their bank account information or unenroll in the advance payments if they do not wish to receive them.
  • On Monday the IRS launched its CTC eligibility tool in Spanish and step-by-step guides for its non-filer sign-up tool in Spanish, Chinese Simplified, Korean, Vietnamese, Haitian Creole and Russian, according to the Treasury spokesperson.

Of note: The administration has conducted outreach efforts to families who haven't filed tax returns or used the IRS portal to receive stimulus checks to inform them of their potential to benefit from the child tax credit.

The enhanced CTC is available for taxpayers who have an adjusted gross income (AGI) of:

  • $75,000 or less for single filers;
  • $112,500 or less for heads of household; or
  • $150,000 or less for married couples filing a joint return and qualified widows and widowers, per the IRS.

What to watch: The expanded child tax credit is only in effect through 2021, but some Democrats hope to extend it.

Go deeper

Estimate: Revenues would drop before increasing under Dems' tax plan

Democratic Rep. Richard Neal, chair of the House Ways and Means Committee, which has submitted a draft proposal on raising taxes. Photo: Tom Williams/CQ-Roll Call via Getty Images

Democrats plan to raise $1 trillion over 10 years by making the federal income tax code more progressive. But they won't get the money quickly — their plan actually decreases total income tax revenues in 2023. And when the money does come, it will come from the very rich.

Why it matters: Estimates released by the bipartisan Joint Committee on Taxation on Tuesday show the House Democrats' plan raising $12 billion less than the current tax regime in 2023. But it will raise $133 billion more in 2029.

Brazil's health minister tests positive for COVID during UN summit in N.Y.

President of Brazil Jair Bolsonaro (L) and Health Minister Marcelo Queiroga in Brasilia, Brazil, in May. Photo: Andressa Anholete/Getty Images

Brazil's Health Minister Marcelo Queirog has tested positive for COVID-19 while in New York City for the United Nations General Assembly (UNGA), he confirmed Tuesday night.

Why it matters: Hours earlier, Queirog had accompanied Brazilian President Jair Bolsonaro to the UNGA. The Biden administration expressed concern last week that the gathering of world leaders could become a coronavirus "superspreader event."

Updated 2 hours ago - Politics & Policy

Trump sues New York Times and his niece over tax report

Former President Trump hosting a boxing match in Hollywood, Florida on Sept. 11. Photo: Chandan Khanna/AFP via Getty Images

Former President Trump filed a $100 million lawsuit against the New York Times and his niece Mary Trump on Tuesday over the news outlet's 2018 reporting on his tax records, the Daily Beast first reported.

Details: The suit, filed in New York's Dutchess County, alleges NYT journalists "engaged in an insidious plot to obtain confidential and highly-sensitive records" and that they "convinced" Mary Trump to "smuggle records out of her attorney's office and turn them over to The Times."