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I'm not really seeing the issue. It's the same Child Tax Credit that has been around for a long time. My kids are too old for us to benefit from this, but I don't really care if other families get an extra $300/month per kid in exchange for them not getting the lump-sum child tax credit in April. It will be good for those who are responsible with money (who will use it toward their monthly bills or paying off debt) and not as good for those who count on their tax refunds to buy junk that they can't afford.
Many first-world nations give families a stipend when they have minor children in the home. Nice to see us catching up, I guess. Wish it could have been when I had little ones, as we really could have used the extra money when we were living on one income so I could stay home and care for my young children. I'm sure plenty of young families (both republican and democrat) will also make good use of it, the same way they make good use of public schools, WIC, library storytimes, and various other government-funded programs.
Yeah, was thinking the same thing. It's like the people complaining about it have been living under a rock and just figured out it existed. I also did a cursory search and noticed no complaints about it over the the previous four years.
There have always been tax breaks for families with children. Those children will one day wipe your butt when you're too old and decrepit to do it yourself, so the government recognizes the benefits of people reproducing.
It looks like couples making up to $150,000 per year qualify for the full benefit. I'm sure the ones making half that or more can afford their kids and didn't have them in hopes that someone might give them a whopping $300/month for them. If you really think it's a windfall, go have a kid and report back on how far that money goes.
Couples making up to $150,000 should not have other people, including retirees on modest budgets and people without children, give them money to help pay for their children.
And if $300 is so meaningless to affluent couples, why should they get it?
Yeah, was thinking the same thing. It's like the people complaining about it have been living under a rock and just figured out it existed. I also did a cursory search and noticed no complaints about it over the the previous four years.
How does this tax credit work? Is it actually a credit against taxes owed, so if you owe $12,000 a year, you get to offset it with the credit, up to the amount of your tax obligation, or can you get more than your tax liability?
Tens of millions of households will receive up to $250 a month per child between age 6 and 17 and up to $300 per child under age 6, based on their ages at the end of 2021. The payments will be made on the 15th of every month, unless that date falls on a holiday or weekend, the Treasury Department said Monday.
The credit isn’t just larger. Congress made two other changes that effectively convert the credit into a near-universal child allowance. First, it made the credit fully refundable, which means that the entire amount can go to households that don’t make enough money to pay income taxes. Before, $1,400 of the $2,000 credit was refundable.
In addition, Congress ordered the IRS to begin regular payments of the credit, turning the lump-sum refunds during tax season into a routine benefit for 2021. Parents will get half of the credit’s full value over the course of the second half of 2021, shrinking the tax refund they would otherwise get in early 2022.
Democrats have hailed the credit expansion as a historic poverty-fighting effort. President Biden has proposed extending the expanded credit through 2025, while some congressional Democrats have called for making the new rules permanent.
END QUOTED EXCERPTS
When will this enforced and involuntary generosity end?
If the Republicans don't take back the Congress in 2022, then I truly feel and hope that there actually WILL be some kind of revolt!
I'll take payment in Silver, Gold or Bitcoin, Joe.
Just yesterday, it was reported Sleep Creepy Joe, was worried about inflation....
Not today.
That does seem to be what is happening. The Democrats are not only importing their future voting base but they are also buying votes. What average citizen would take the high road to vote to stop the checks from coming even if doing so would stop the eventual bankruptcy of the country?
The people that depend on the Government for their survival are not generally the types that have much plans for the future.
The Democrats will take care of you from the womb to the tomb and all you have to do is vote for them while someone else (the boogey man of the day) pays for it.
$150K a year(family income) isn't depending on government for their survival yet will get $250-300 per kid per month.
I don't need it and it doesn't make sense but, whatever. I guess I'll buy more ammo and maybe another AR-15. Ghost gun lowers on sale right now.
Just what America needs, more whacko's like this nut job (1AngryTaxPayer)! By the way, what the heck does ammo and AR-15's have to do with child care tax credit?
Location: 23.7 million to 162 million miles North of Venus
23,650 posts, read 12,569,566 times
Reputation: 10514
Quote:
Originally Posted by Vlajos
I'm confused is this a tax credit or a cash payment? Reduced taxation on low income families makes sense. Cash payments to families that have kids does not.
I believe it's set up so that they receive half of the money in cash, spread out over the months, and the rest is given with the tax credits.
Tens of millions of households will receive up to $250 a month per child between age 6 and 17 and up to $300 per child under age 6, based on their ages at the end of 2021. The payments will be made on the 15th of every month, unless that date falls on a holiday or weekend, the Treasury Department said Monday.
The credit isn’t just larger. Congress made two other changes that effectively convert the credit into a near-universal child allowance. First, it made the credit fully refundable, which means that the entire amount can go to households that don’t make enough money to pay income taxes. Before, $1,400 of the $2,000 credit was refundable.
In addition, Congress ordered the IRS to begin regular payments of the credit, turning the lump-sum refunds during tax season into a routine benefit for 2021. Parents will get half of the credit’s full value over the course of the second half of 2021, shrinking the tax refund they would otherwise get in early 2022.
Democrats have hailed the credit expansion as a historic poverty-fighting effort. President Biden has proposed extending the expanded credit through 2025, while some congressional Democrats have called for making the new rules permanent.
END QUOTED EXCERPTS
When will this enforced and involuntary generosity end?
If the Republicans don't take back the Congress in 2022, then I truly feel and hope that there actually WILL be some kind of revolt!
Biden buying votes. and we tax payers will go broke paying for all this..too much money and too little goods means big inflation.
Single people will have it the worst. They will be living in their mothers basement or living in a tent .
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