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Rep. DelBene on the New Monthly Child Tax Credit (Podcast)

July 16, 2021, 8:45 AM

Tens of millions of families across the U.S. this week received their first monthly advance on the child tax credit from the IRS.

The new monthly payments, which launched Thursday, are the result of a pandemic relief law (Public Law 117-2) that also temporarily boosted the credit’s value. Households will receive up to $300 per month for each child under age 6, and up to $250 for each child ages 6 to 17.

While the expanded credit is currently only on the books for this year, Democratic lawmakers are pushing to make it permanent.

House Ways and Means Committee member Suzan DelBene (D-Wash.) is among the lawmakers who have long championed an expanded tax credit as a way to help reduce child poverty. On this week’s episode of our podcast, Talking Tax, DelBene talks with reporter Kaustuv Basu about why Democrats pushed for the advanced payments and whether a permanent extension is possible. Listen to the episode here.

Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

To contact the reporter on this story: Kaustuv Basu in Washington at kbasu@bloombergtax.com

To contact the editors responsible for this story: Patrick Ambrosio at pambrosio@bloombergtax.com; Colleen Murphy at cmurphy@bloombergtax.com

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