Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

Child care economics weigh on the recovery

Illustration: Aïda Amer/Axios

Child care costs are soaring, but workers still get rock-bottom pay. That's one reason staff is fleeing, putting already pricy care further out of reach for parents.

Why it matters: The industry's problems — magnified during the pandemic — are ricocheting and weighing on the economy.

Starbucks drops worker vaccine mandate after SCOTUS ruling

Photo: Jakub Porzycki/NurPhoto via Getty Images

Starbucks announced in a memo to employees Tuesday that it has dropped plans to implement a vaccine mandate for all U.S. workers, AP reported on Wednesday.

Why it matters: The company's decision comes in response to the Supreme Court's ruling last week to block the Biden administration's COVID-19 vaccine-or-test requirement for large employers.

1 hour ago - Health

Omicron hits American hospitals disproportionately hard

Expand chart
Data: Our World in Data; Chart: Will Chase/Axios

America is seeing more COVID hospitalizations than other wealthy countries during the Omicron surge, according to Our World in Data.

Why it matters: Vaccines keep the vast majority of COVID cases out of the hospital, but vaccination rates are also lower in the U.S. than these other countries.