The transformative child tax credit included in the American Rescue Plan →

Ed Pilkington, The Guardian:

Under the new provision, families will receive $3,600 a year for each child under six, and $3,000 a year for each older child. The money will be paid monthly, rather than the current annual lump sum, easing the burden throughout the year, and it will no longer be tied to any work requirements.

Its impact will spread far and wide. A family like Cochran’s will benefit with $500 a month, no strings attached, doubling her available cash for her grandkids.

Almost 70 million children will be included in the scheme – that’s more than 90% of all American kids. And the impact, social scientists believe, will be transformative.