I don’t know much about this, is this forever or is there some end on this largess.
It is a (temporary?) expansion of a permanent income redistribution scheme:
“IRS Tax Tip 2020-28, March 2, 2020
“Taxpayers may be able to claim the child tax credit if they have a qualifying child under the age of 17. Part of this credit can be refundable, so it may give a taxpayer a refund even if they don’t owe any tax.
“The taxpayer’s qualifying child must have a Social Security number issued by the Social Security Administration before the due date of their tax return, including extensions.
“A dependent who doesn’t have the required SSN may be eligible to be claimed for the credit for other dependents.
“Here are some numbers to know before claiming the child tax credit or the credit for other dependents.
“•$2,000: The maximum amount of the child tax credit per qualifying child.
“•$1,400: The maximum amount of the child tax credit per qualifying child that can be refunded even if the taxpayer owes no tax.
“•$500: The maximum amount of the credit for other dependents for each qualifying dependent who isn’t eligible to be claimed for the child tax credit. This can include dependents over the age of 16 and dependents who don’t have the required SSN.
“•$400,000: The amount of adjusted gross income for taxpayers who are married taxpayers filing a joint return before the credit is reduced.
“•$200,000: The amount of adjusted gross income for all other taxpayers before the credit is reduced.
https://www.irs.gov/newsroom/child-tax-credit-by-the-numbers