Posted on 05/17/2021 6:53:32 AM PDT by ChicagoConservative27
May 17 (UPI) — Almost 40 million American families will begin receiving the new monthly child tax credit payments in less than two months, the federal government announced Monday.
The White House said the payments, part of the expanded child tax credit program in President Joe Biden’s $1.9 trillion American Rescue Plan, will begin on on July 15.
(Excerpt) Read more at breitbart.com ...
The move to universal basic income continues. Along with the destruction of the economy.
Why work?
Just keeping them on the plantation.
More unwed women having babies to get a payout.
WTF...JUST SOME MORE give aways. I am beyond done with this. May as well stop working too and join the hand out parade. Cannot get in on this bonanza but I am sure Bidet and his bunch of Tammany Hall bums will figure out one that can send me some greenbacks too. Last man out, turn off your withholding. Gee, if they don’t tax benefits, I will be able to go tax free.
The most productive work will be planting and tending a personal garden if this keeps up. I’m starting to feel like a sucker coming into the office everyday.
Democrats have been paying them to have babies for decades. What is new here?
So this is supposed to be a tax credit, meaning it would only go to people who work and actually pay taxes.
Why do I get the feeling that this is not what they say it is, and that people that don’t pay any taxes will be the ones getting all this money.
This also incentivizes all the low IQ single women welfare recipients to have more kids. Should do wonders for our society.
We are so screwed!
So is this a true extension on the “Child Tax Credit” for next year that you claim on your tax filing, and in that case are taxpayers not going to be able to claim it as an offset? Right now you deduct it from the amount of taxes you theoretically owe on your income, thus reducing the amount officially owed. Then when you set that against what you actually paid through employer deductions, you get the amount you ultimately owe or are owed.
If this payment series really is folks getting their “tax credit” in advance, they’re not going to be very happy next year when they go to calculate their taxes and discover that not only is their refund a lot smaller than anticipated, but quite a few folks will end up having to write a check to the IRS.
Now, if this is an offset for *this* year’s taxes, in that it should have been deducted for the 2020 filing but they couldn’t get it done in time, then things might go differently.
My daughter is pregnant with twins and we have been looking at strollers, etc. I'm fairly confident the stroller in the picture at the article is an UppaBaby stroller - the most expensive one out there. Talking about $1000 for a singleton stroller.
Easy to afford with all those stimmy checks coming in.
Another observation: when you get the tax credit all at once, at the end of the year, you (in theory) get enough at once to do things like make long-needed car repairs or replace an ailing major household appliance. Most of the people who need this money the most are unlikely to have the financial discipline to hang on to the ten or fifteen small payments they’re getting long enough to build up to that full amount. The few hundred dollars they’re going to get each month will get eaten up by little things like a few extra groceries, or paying a past-due bill, or (more likely) wasted on extra alcohol or cigarettes (or worse).
That’s just going to compound the misery when tax time rolls around next year and they discover that not only do they not get as much refund, if any, but now they are unable to replace that washing machine or refrigerator.
ping
Monthly checks. How much will that cost us? No one will ever go back to work with all this free crap.
I want a weekly check for having to put up with DC morons.
Earned Income Tax Credit (EITC) First proposed by Nixon, signed into law by Ford and increased under every administration since, no exceptions.
You’re right. I’m looking into whether I need to adjust my withholding in order to compensate for this credit. Leave it to the government to toss a wrench into financial planning.
If I get any of that money for my kids, the money is going directly to the NRA.
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