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BREAKING - White House Sending Thousands of Dollars DIRECTLY to Bank Accounts - YouTube
Channel: Dr. Nitin Chhoda - Ignition Time
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Hello everyone,
and welcome to this episode of Ignition Time.
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President Biden is talking about,
"the historic effort to end child
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poverty through the expanded
child tax credit."
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The President said this,
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This can make it possible
for a hardworking parent to say to his or
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her child, honey, we get you know,
you can get your braces now.
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And let's take a look at this article
on your screen from CNN and we'll provide
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you with the link to all of our resources
in the description section below.
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President Biden touts historic effort
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to reduce child poverty through
the expanded child tax credit.
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So the way the expanded child tax credit
works is it aims to reduce child poverty,
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that can change the lives
of working class families.
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The first monthly installment
of the enhanced child tax credit up
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to $300 a month for each
child under the age of 6 and up to $250
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a month for each child, aged 6
to 17 arrives in parent's bank accounts
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this Thursday. Families will receive
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a total of $3600 for each child under the age
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of 6 and $3000
for each child aged 6 to 17 for 2021.
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This is for those who qualify.
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I have done other videos talking about
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the qualification criteria and I'll give
you more information in this video.
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I encourage you to check out
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the description section of this
episode of Ignition Time.
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Half of this money will be paid out
in monthly installments between now
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and December, and the next will come
next spring, right around Tax Day.
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And the vast majority of families we're
talking roughly 39 million households
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covering 88% of children will get
the credit automatically because they file
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2019 or 2020 returns,
claiming the credit. Families that file
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taxes electronically should see payments
in their accounts this Thursday.
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And that payment should appear as child CTC
in your bank account.
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Yes, you heard that right, child CTC.
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Now, those who have not provided
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that direct deposit information
should expect checks in several days.
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The full enhanced credit will be available
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for head of households earning $112,500
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and joint filers making up to $150,000 a year,
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after which it begins to phase
out. For many families,
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this credit, then plateau's at $2000
per child and then starts
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to phase out for single parents earning
more than $200,000 or
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married couples with incomes above $400,000.
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So this credit is only
in effect for the year 2021.
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So that's what's going on.
Now let's hear from the President
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of the United States talking
about the child tax credit.
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And the President says, "to give you
a sense of how transformative this is,
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this would be the largest ever one year
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decrease in child poverty in the history
of the United States of America."
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President Biden is talking about the first
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expanded child tax credit that starts
going out to families this week.
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Let's roll the tape and hear
from President Biden.
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Let's watch.
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You know,
and to give you a sense of how
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transformative this is,
this would be the largest ever
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one year decrease in child poverty in the
history of the United States of America.
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As we begin now,
historic reductions in child poverty among
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white, black and Latinos
in AAPI communities.
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It's not even close.
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The benefits will be felt for years.
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Studies have shown that tax
relief that helps children.
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That's OK.
Don't worry about it.
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It's OK.
Let them cry, hurt, whichever
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that helps children.
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It can lead to better health,
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better school performance
and better future earnings.
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In fact, research from Columbia University
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in New York found that for each dollar
this tax cut cost,
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it returns eight dollars and benefits
down the line eight dollars.
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You have to be spent other ways.
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It's a gigantic help.
It's an eight to one.
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Return
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your head, your heart and your budget
all lead to the same place.
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This is the right thing to do
and it's a smart thing to do today.
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These tax cut payments are arriving
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automatically,
but it didn't happen automatically result
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of the work of people who did this,
advocating for this for a long, long time.
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And we finally got a pass
to my American rescue plan.
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Those were comments from the
President of the United States.
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Let's get some more details about
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the child tax credit payments
from Amy Matsui,
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who was a National Women's Law Center
director of income security and senior
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counsel, nd she talks about all the things
you can expect with the child tax credit.
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Let's roll the tape
and hear from Amy Matsui.
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Let's watch
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the American rescue plan increase
the amount of the child tax credit so
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that it's worth three thousand dollars per
child for children ages six to 17 and it's
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worth thirty six hundred dollars
for children aged newborns to age six.
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So for twenty twenty one,
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under the American rescue plan,
half of the child tax credit amount
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that a family can get is available
through advanced payments.
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And the first of those is going out today.
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So every month a payment.
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Is going to go to eligible families,
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that's worth the total up to half
of the child tax credit amount.
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When families file their tax returns
for the tax year twenty,
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twenty one in early next year,
they'll get the remainder of their child
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tax credit about getting
back to the President.
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Here's what the President also said
about the expanded child tax credit.
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He said, I quote,
It will be one of the things the vice
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President and I will be most
proud of when our terms are up.
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Let's roll the tape and hear
from President Biden.
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Let's watch.
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I believe this is actually a historic day,
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historic day in the sense that we continue
to build an economy that respects
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and recognizes the dignity of working
class families and middle class families.
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It's historic,
and it's our effort to make another giant
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step toward ending child
poverty in America.
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I think this will be one of the things
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that the vice President I will be
most proud of when our terms are up.
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Beginning this morning,
nearly all working families, that is,
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people making under one hundred and fifty
thousand dollars as families are
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an individual making about one
hundred and twenty thousand dollars.
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25000
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who have children or raising children
in America are going to receive their
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first monthly
first monthly tax cut payment.
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That payment,
that payment from the expanded child tax
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credit is to be signed into law as
part of my our American rescue plan.
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It's one of the largest ever single
tax cuts for families with children.
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And it's a reflection of our belief
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that the people of this country who need
a tax cut aren't the folks at the top.
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They've got plenty of tax cuts,
are doing just fine.
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But it's the people in the middle,
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the folks who are struggling
or just looking for a little bit of my dad
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would say a little bit of breathing,
a little bit of breathing room.
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This has the potential to reduce child
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poverty in the same way that the Social
Security reduced poverty for the elderly.
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And just to add some humor to this entire
speech from President Biden,
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President Biden was actually telling young
people in the crowd at the child tax
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credit event, I quote, This has got
to be boring, boring, boring for you.
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Right?
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Whoever you're with,
they'll use some ice cream or something
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for this, you know, and you can see the
vice President smiling in the background.
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Let's roll the tape and hear
from President Biden.
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Let's watch for you. Anybody under the age
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of 13, this going be boring,
boring, boring, boring,
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right?
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Well, I tell you, we had
to work something out here.
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So this is over,
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you parents, your uncles, your interview
with some ice cream or something.
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So let me know what you think
of the child tax credit.
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Do you qualify?
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I have gone over some of the qualification
criteria in this video and I have done
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other videos on our channel talking
about the child tax credit.
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Underscore time.
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That's ignition.
Underscore time.
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Thank you so much for watching.
I appreciate you.
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I'm looking forward to seeing you
in the next episode of Ignition Time.
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Take by.
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