93% of children are entitled to monthly dunning checks

• More than 93% of children are said to receive benefits as a result of a measure from Biden’s stimulus package.
• Family allowance would give parents up to $ 300 in monthly checks for a year.
• Biden and Democrats have expressed support for making the measure permanent.
• Visit Insider’s Business section for more stories.

More than 93% of children would receive benefits under President Joe Biden’s stimulus package, The New York Times reported.

Biden’s $ 1.9 trillion package was approved by the Senate over the weekend. The policy is currently designed as an extension of a tax credit that is already in place, but which would now function as a direct payment for families with children.

Right now, it’s only a one-year policy in the bill, but Biden and the Democrats have expressed support for making it a permanent policy.

“The president is interested in exploring options for making the ‘Build Back Better’ Child Tax Credit permanent,” White House Press Secretary Jen Psaki said last week. “He was encouraged to see bipartisan support for ideas like this, including from Republicans like Senator Romney.”

Currently, the child tax credit is $ 2,000 for each child under the age of 17. Parents can only claim it on their taxes, CNET reported.

The stimulus policy would give parents $ 3,600 for children aged 5 and under and $ 3,000 for those with children between the ages of 6 and 17.

Instead of getting the full amount of their taxes, parents can now receive monthly checks.

It would be monthly checks of $ 300 for children under 5 and $ 250 for older people. People earning $ 75,000 or less and couples earning up to $ 150,000 would receive a full check.

The measure would allow parents to get monthly checks instead of the full amount at tax time. The Times reported that 69 million children would receive benefits, or 93% of children, while currently only 25% of children receive partial benefits and the poorest 10% receive nothing.

Some projections like those from Columbia University’s Center on Poverty and Social Policy found that monthly payments could reduce child poverty by 45%. For black children, this rate would be reduced by more than 50%.

The expansion would cost more than $ 100 billion for a year, according to the Joint Committee on Taxation. If it were to be made permanent, it would cost over $ 1 trillion in 10 years.