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tv   Pres. Biden Delivers Remarks on Child Tax Credit Payments  CSPAN  July 17, 2021 2:43pm-3:02pm EDT

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announcer: president biden and vice president harris talked about the first child tax credits provided under the american rescue plan. they will provide aid to working and middle-class families. this is about 15 minutes. pres. biden: hey, everybody. [applause] i came to see the kids. the vice president is speaking. look at those guys. vice pres. harris: look at this. i love seeing our young leaders. good morning everyone, good morning. let us mark this day, thursday, july 15, 2021 as the date the american family got so much stronger. today, the expanded child tax credit is here. today, for families all over our
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country, for children all over our country, help is here. it is a good day, america. i will tell you, my mother, she worked hard at being a mother. whether it was waking up at the crack of dawn to pack our lunches and get us ready for school, or whether after we went to bed, sitting at our kitchen table and trying to just figure out how to make it all work. and i know it was not easy. even though she never said that. my family's story is not all that remarkable. it is the story of the american family. parents who will do anything for their children. parents who work so hard every day. parents who deserve their government and their leaders to really see them, to really
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understand them as they juggle all of their responsibilities every month. every month, the rent becomes due. every month, the childcare provider needs a check. a check that could take half an income. every month, american families need to buy groceries and gas to , to pay for rent or homeowners insurance, utilities or car loans. even if they have enough to make ends meet, it is often just barely enough. one unexpected expense could mean the difference between taking on more debt or losing it all. in the wealthiest nation in the world, it should not be this way. and the president and i, well, we both believe that. when we took office, we set out to provide american families
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with some relief and that is exactly what we are doing. i want to thank those members of congress who led and voted to expand the child tax credit. the president will detail the expansion but let me underscore one important piece. this tax cut will be issued in monthly payments. this has never happened before. and america, yes, it is a big deal. i have been fighting for months, and for quite some time, even when i was in the senate, for monthly payments. because i know, it is the struggle to make ends meet is
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monthly, the solution has to be also. the payments may be monthly, but the impact of this child tax credit will undoubtedly the generational. indeed, it is the largest middle-class tax cut, and will lift up half our nation's children out of poverty. and in lifting up those children, it will lift our nation. today's a good day, america, it is a historic day. and we are here today because of the vision and the leadership of a fellow parent. of a president who believes with all his heart that the strength of our nation should be measured by the strength of our families and our children. it is my great honor to introduce president joe biden. pres. biden: thank you. vice pres. harris: here you are. pres. biden: thank you. for you, anybody under the age of 13, this has got to be boring, boring, boring for you,
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write? right? [laughter] well i tell you what, we will work some thing out here so when this is over, your parents, your uncles, your aunts, whoever you are with, they will get you some ice cream or something for this, you know? [laughter] it is a pleasure to be here. i believe this is actually a historic day. a historic day in the sense that we continue to build an economy that respects and recognizes the dignity of working-class families and middle-class families. it is historic and it is our effort to make another giant step toward ending child poverty in america. i think this will be one of the things the vice president and i will be most proud of when our terms are up. beginning this morning, nearly all working families, that is
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people making under $150,000 as a family, or an individual making under $125,000 who have children, they will receive a payment from the extended child tax credit, signed into law as part of our american rescue plan. it is one of the largest tax cuts for families with children, and it is a reflection of our belief that the people of this country who need the tax cut are not the folks at the top. they got plenty of tax cuts. they are doing just fine. but it is the people in the middle, the folks who are struggling, who are just looking for a little bit, as my dad would say, a little bit of breathing room. little bit of breathing room. this has the potential to reduce child poverty in the same way that the social security reduced poverty for the elderly. and by the way, thinking monthly payments, those who you know who
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get social security, they get it monthly. this will be, unless you want it in one lump sum, this will be a monthly payment for child care, excuse me, for your children, a tax cut. here's how the tax code works. credit works. for every child under the age of six, a parent will get $3600 a year. for every child six to 17, they will get $3000 per year. for example, a middle-class family with two young children could expect to see $7,200 a year to help raise their children. they will get the first half of this starting today, today, today. and it will be paid out at $600 a month between now, july, and december. and they will get the rest of the payment next spring. around tax day. if you file taxes
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electronically, you can go to your bank account today, today, and you will see a payment that says "child ctc." let me say that again. payments of $300 for each child under the age of six. $250 for each child between the age of six and 17 on a monthly basis between now, between july and december. if you did not file your taxes electronically as you did last year, you can expect to receive a check in the mail today or a few days from now. you will get this check on the 15th of every month for the rest of this year. if you are not required to file taxes at all in the past, you have not file because you did not owe any taxes, you can go to let me say it again,
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and it will give you clear information and a link to help you sign up for the first time. this can be life-changing for so many families. because of the way the tax credit was structured, before the american rescue plan, more than 26 million children from the hardest working families not get any full payments for child care, for child tax credit. half of all black and hispanic children in america never received a full tax credit. we have changed that. in technical terms, we have made this tax cut fully refundable. in plain english, it means instead of families who need help the most getting the least, the hard-working families will get this on a full monthly basis. 97% of children receiving this credit come from working families.
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and the other 3% include kids being raised by retired grandparents or by someone with a serious disability. and by the way, this credit does not start to phase out until a couple is making $150,000 or a single-parent is making $112,000. it begins to phase out event. this is a middle-class tax cut. when i decided i wanted this in the legislation, i referred to it in the way that it is, it is a middle-class tax cut. it is just like the wealthy get tax cuts for a lot of things, it is a tax cut for having children. this can make it possible for hard-working parents to say to his or her child, honey, we can get you new braces now. we can get you a tutor to help you in that math class you're are having trouble with. we can get you to sign up for that sports team you want to play on.
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people have written to me to tell me they have used the money to buy their kids new shoes, in the summer to cover afterschool care when school starts up again. to give you a sense of how transformative this is, this would be the largest ever one year decrease in child poverty in the history of the united states of america. as we begin now, historic reductions in child poverty among white, black, latinos, and the aapi community, it's not even close. the benefits will be felt for years. studies have shown -- it's ok, it is ok, let him cry. or her, which ever.
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it helps children and can lead to better health, better school performance and better security. research from columbia university in new york found that for each dollar this tax cost, it returns eight dollars in benefits down the line. eight dollars that would have to be spent other ways. it's a gigantic help. it is a gigantic return. your head, your heart and your budget, all lead to the same place. this is the right thing to do. and it is a smart thing to do. today, these tax cut payments are arriving automatically. but it did not happen automatically. the result of the working people who did this -- advocated for this for long time, we finally got it passed in my american rescue plan. i want to particularly thank those who have been fighting for this for years. the congresswoman from connecticut has been a champion for this. congressman richie neil and torres, senators bennett, brown
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and booker. you will probably hear from our republican friends who all voted against this, but they will tell you the success as it helps working families and their states and -- tout its success as it helps working families and their states and districts. i want to not extend this tax credit, it's only for one year now, that's all i can get it for the first time. so i want to extend it into the future now. i've another piece of legislation that will be voted on soon, we are going to continue this. to the people who say we can't afford to give the middle-class a break, i say we can afford it by making people at the top and the big corporations, over 50 of which paid no taxes last year at all, just start paying their fair share. i'm not going to gouge them, just pay their fair share. because people who are working hard and paying taxes deserve a break. that is why, and excuse me for
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these terms i'm using, but my build back better agenda, which still needs to be voted on in congress, keeps protections for working families in place for years to come. we should not let taxes go up on working families. we should not let child poverty continue to stain the conscience or drag down our economy. so i say to my colleagues in congress, this tax cut for working families is one we should extend, not end, next year. i say to all of you watching, make sure your family, friends, and community know about this tax cut. send to them, as i said, to to learn more about the difference of this is going to make in their lives. let me close with this. i signed the american rescue plan less than two months after taking office in january 20. four months later, we have implemented the first ever automatic monthly payment for
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any major tax credit ever as the vice president was talking about. on social security which was a long time ago. this effort is similar to what we did in what i called our wartime effort to vaccinate americans against covid-19, to mobilize the whole country. we are proving that democracy can deliver for people and deliver in a timely way. saving lives, improving lives, a record-setting recovery, giving working families a fighting chance again. i received an emailed today from a mother in washington state. she is a young teacher who just received her payment. she wrote, and i'm quoting, "my family has been living hand to mouth to put me through school so i can follow my passion of molding young minds. this first ctc payment has come at the exact moment when we need it most.
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these payments may seem small to some, but they are life-changing for my family, for us. " millions of children and their families, starting today, their lives are about to change for the better. and our country will be better off for it as well. this is a really good day. and parents will be able to tell your kids, when they are 25 years old, that you were there the day this happened. we talked about it. show them once again that there is nothing beyond the capacity, our capacity as americans to get done, if we do it together. so i thank you all, god bless you all and may god protect our troops and kids, thank you for being so polite while i was speaking. you are very, very nice. thank you, thank you, thank you. bye-bye. [applause] >> c-span is your unfiltered view of government.
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