Starting in July, the federal government will dole out $300 to families for each child under 6 years old and $250 for each child 6 to 18 years old.
The Internal Revenue Service will send payments in the middle of every month.
Based on the program’s eligibility requirements, the Biden administration estimates that 88 percent of the nation’s children will qualify for the subsidy.
“The American Rescue Plan is delivering critical tax relief to middle class and hard-pressed working families with children,” Biden said in a Monday statement. “With today’s announcement, about 90% of families with children will get this new tax relief automatically, starting in July.””
Individuals will receive the full amount of money for their children if they earn less than $75,000 per year, while families earning less than $150,000 will receive the full amount.
Above these amounts, the per-child payment will diminish and then be eliminated entirely at higher income levels.
“This tax cut sends a clear and powerful message to American workers, working families with children: Help is here,” Biden said in remarks at the White House.
Biden’s “help” will further devalue the dollar, threaten the savings of elderly and retired people, and diminish the importance of hardwork and thrift.
The payments will cost the federal government about $100 billion per year, according to some estimates, The Associated Press reported.