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US distributes $16B tax relief to families of 61M children

US distributes $16B tax relief to families of 61M children
So far, $93B delivered as part of Child Tax Credit in American Rescue Plan

By Ovunc Kutlu

ANKARA (AA) - The US Treasury Department said Wednesday that along with the Internal Revenue Service, the agencies distributed more than $16 billion in tax relief to families of approximately 61 million eligible children.

The families received up to $300 per month per child under age 6, and up to $250 for each child aged 6 to 17, as part of Child Tax Credit in the American Rescue Plan.

It brought the amount delivered to families to nearly $93 billion, it said in a statement.

"Since July, monthly payments of the Child Tax Credit have helped millions of families pay for essentials such as food, childcare, and other household needs as those expenses arise," said Treasury Secretary Janet Yellen.

While 55% of middle-income families spent their payments on food within weeks of the first payment in July, more than 26% spent it on clothes and 23% spent it on costs related to school and afterschool, according to the Census Bureau’s Household Pulse Survey data.


source: News Feed
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