Joe Biden unveiled another tax plan on Thursday, which expands the child tax credit, allowing families with children under 17 to claim up to $3,000 per child, plus an extra $600 if the child is under six years old.
This was part of the Heroes Act passed in May, and Biden wants to keep it around. Currently, families can claim a $2,000 credit per child. This plan would also allow families to draw on this credit in the form of a monthly payment rather than wait until the spring’s file taxes. This would result in an extra $250 to $300 per month per child.
Of course, this is just a proposal. Biden has to win the Presidency first for any of this to go into effect.