IRS begins sending monthly checks to millions of American parents in crucial test for Biden

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For the vast majority of beneficiaries, or about 86 percent, the new monthly benefit will be automatically deposited into their bank accounts — with no action required. Wealthier families are excluded from the benefit. The credit diminishes for individuals with adjusted gross incomes of more than $75,000, as well as for couples earning more than $150,000, and disappears altogether for higher earners.