WASHINGTON (AP) – The Biden administration says it will launch a major campaign to inform Americans that President Joe Biden last week signed into law a $ 1.9 trillion bailout for President Joe Biden.
Treasury Department officials briefed reporters on Thursday on their planned efforts, including the provision of an event that expands a child’s tax credit.
Under current law, most taxpayers can receive tax credits of up to $ 2,000 per child. The new anti-virus bill raises tax benefits from $ 3,000 for each child aged 6 to 17 to $ 3,600 for each child under the age of six.
The extension of the child tax credit, as well as other bailouts, such as impact payments of up to $ 1,400 for eligible family members, will reduce child poverty by the middle of this year, according to an analysis by the Poverty and Social Center. Politics at Columbia University.
But officials are challenging families to report new benefits.
Treasury officials detailed how the IRS will set up an online portal for taxpayers to update their relevant tax information for extended child tax credits, such as notifying the government of the birth of a child in 2021. These updates will allow the IRS to make half-year payment adjustments.
“In addition to this online tool, the Treasury Department and the IRS will conduct a large-scale public awareness campaign to reach out to all Americans eligible for this financial assistance,” the Treasury Department said in an expanded child tax credit. : ,
On Wednesday, the Treasury Department announced that in the first week since Biden signed the $ 1.9 trillion bailout package, officials have disbursed $ 90 million in economic impact payments, totaling $ 242 billion. Most of these payments were made by the IRS as direct deposits to bank accounts.
After signing the bill last week, Biden and Vice President Kamala Harris embarked on a nationwide tour of administration officials to highlight the benefits of the new aid package.