In this file:

 

·         Child Tax Credit Payments Totaling $15 Billion Arrive for Millions of Americans

·         California approves $35 million plan for nation's first state-funded guaranteed income program

 

 

Child Tax Credit Payments Totaling $15 Billion Arrive for Millions of Americans

IRS issues families payments of up to $300 per child under program aimed at combating poverty

 

By Richard Rubin, The Wall Street Journal (WSJ)

July 15, 2021

 

WASHINGTON—Tens of millions of U.S. households can expect to see their bank balances grow Thursday, thanks to the first monthly payments of the expanded child tax credit.

 

The Internal Revenue Service issued families payments of up to $300 per child under a program aimed at combating child poverty and turning lump-sum annual tax refunds into predictable household income. The Biden administration said it paid about $15 billion, mostly through direct deposits, to families with nearly 60 million children. Those monthly payments will continue through December, and Congress is debating whether to continue them.

 

Congress expanded the credit by about $100 billion as part of the March coronavirus relief law. The credit had been worth up to $2,000 for children age 16 years and under. Now, it is worth $3,000 for children age 6 to 17 and $3,600 for those under 6.

 

The expanded portion of the payments starts shrinking once income reaches $75,000 for an individual and $150,000 for a married couple. Households above those levels still get the $2,000 credit, which retains the prior income phaseouts starting at $200,000 for individuals and $400,000 for married couples.

 

The credit also is now fully refundable, which means low-income families qualify even if they don’t owe income taxes. Before this year, just $1,400 of the $2,000 was refundable.

 

WASHINGTON—Tens of millions of U.S. households can expect to see their bank balances grow Thursday, thanks to the first monthly payments of the expanded child tax credit.

 

The Internal Revenue Service issued families payments of up to $300 per child under a program aimed at combating child poverty and turning lump-sum annual tax refunds into predictable household income. The Biden administration said it paid about $15 billion, mostly through direct deposits, to families with nearly 60 million children. Those monthly payments will continue through December, and Congress is debating whether to continue them.

 

Congress expanded the credit by about $100 billion as part of the March coronavirus relief law. The credit had been worth up to $2,000 for children age 16 years and under. Now, it is worth $3,000 for children age 6 to 17 and $3,600 for those under 6.

 

The expanded portion of the payments starts shrinking once income reaches $75,000 for an individual and $150,000 for a married couple. Households above those levels still get the $2,000 credit, which retains the prior income phaseouts starting at $200,000 for individuals and $400,000 for married couples.

 

The credit also is now fully refundable, which means low-income families qualify even if they don’t owe income taxes. Before this year, just $1,400 of the $2,000 was refundable...

 

more, with subscription

https://www.wsj.com/articles/child-tax-credit-payments-start-11626304415

 

 

California approves $35 million plan for nation's first state-funded guaranteed income program

 

By Rob McMillan, Associated Press

via KABC-TV Los Angeles - July 15, 2021

 

SACRAMENTO, Calif. -- California lawmakers on Thursday approved the first state-funded guaranteed income plan in the U.S., $35 million for monthly cash payments to qualifying pregnant people and young adults who recently left foster care with no restrictions on how they spend it.

 

The votes - 36-0 in the Senate and 64-0 in the Assembly - showed bipartisan support for an idea that is gaining momentum across the country. Dozens of local programs have sprung up in recent years, including some that have been privately funded, making it easier for elected officials to sell the public on the idea.

 

California's plan is taxpayer-funded, and could spur other states to follow its lead.

 

"If you look at the stats for our foster youth, they are devastating," Senate Republican Leader Scott Wilk said. "We should be doing all we can to lift these young people up."

 

Local governments and organizations will apply for the money and run their programs. The state Department of Social Services will decide who gets funding. California lawmakers left it up to local officials to determine...

 

more

https://abc7.com/california-guaranteed-income-legislature-governor-gavin-newsom/10889155/