In one draft of the proposal, the IRS would deposit checks worth $300 every month per child younger than 6 and $250 every month per child age 6 to 17. This would give parents $3,000 per year for each child between the ages of 6 to 17, and $3,600 per child under age 6.
The source also confirmed to CNN that House Ways and Means Committee Chair Richard Neal of Massachusetts is directly involved in the effort to write the expansion of the child tax credit, as well as House Appropriations Committee Chair Rosa DeLauro of Connecticut.
The drafting of the proposed legislation was first reported by The Washington Post.
Eligibility for the benefit, similar to the stimulus checks, would be based on family income for the prior tax year and be phased out at a certain income amount, the Post reported. Under the draft legislation, families would be eligible for the full monthly benefits even if they owe more in taxes than the credit value, according to the newspaper.
A White House official didn’t respond to CNN’s request for comment.
Biden had previously said he wants to expand the child tax credit and last week he unveiled a $1.9 trillion proposal that included the expanded benefits, along with $1,400 stimulus checks and increased unemployment aid. Billed as the American Rescue Plan, the package augmented many of the measures in Congress’ historic $3 trillion coronavirus relief bill from March and in the $900 billion legislation from December, which was scaled back to garner support from Senate Republicans.
CNN has reported that Biden’s stimulus proposal already faces Republican objections, and Senate Democrats have been laying the groundwork to use a rare procedural tactic known as reconciliation to pass major parts of the package if Republicans stall their efforts.
The White House has urged patience when it comes to negotiating and passing the stimulus plan on a bipartisan basis through the regular Senate process, but Biden’s team has said they aren’t willing to “take any tools off the table.”
The current child tax credit provides up to $2,000 per child under the age of 17. The credit phases out for single parents with a modified adjusted gross income over $200,000, and $400,000 for married couples.
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