Most eligible families in the U.S. will get their first monthly payments of the expanded child tax credit Thursday.
The payments, which were included in the American Rescue Plan, change an existing tax credit by expanding the eligibility pool and increasing the money families get. Under the expanded credit, the IRS, also for the first time, offers the option to receive the payments monthly, rather than in a lump sum as a tax refund.
The expanded payments are expected to dramatically decrease the number of children living in poverty; the White House estimates that child poverty could be reduced by as much as 50 percent.
