Democrats will introduce a proposal attached to the next stimulus package that would provide $3,000-per-child direct payments in certain households.Why it matters: The new legislation, led by Ways and Means chairman Richard Neal (D-Mass.), comes shortly after Sen. Mitt Romney (R-Utah) introduced a similar proposal, lending bipartisan support to expanding cash benefits for families with children.Get smarter, faster with the news CEOs, entrepreneurs and top politicians read. Sign up for Axios Newsletters here.The Biden Administration has reviewed and supports the proposal, according to the Washington Post who first reported the plan. The legislative proposal, reviewed by Axios, will be revealed Monday along with other Ways and Means provisions. The IRS would begin depositing payments into bank accounts July 1.The payments would come in monthly installments.Qualifying household incomes would be based on the previous year with lower payouts for individuals making $75,000 for individuals and $150,000 for those filing jointly.Eligible households with children 17 to 6 could receive payments of $3,000 for each child and $3,600 for children under 6.What they’re saying: “The pandemic is driving families deeper and deeper into poverty, and it’s devastating, Rep. Ritchie Neal (D-Mass.), chairman of the Ways and Means Committee, said in a statement. “We are making the Child Tax Credit more generous, more accessible, and by paying it out monthly, this money is going to be the difference in a roof over someone’s head or food on their table,” he said.Be smart: sign up FREE for the most influential newsletter in America.
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