Posted on 05/17/2021 7:57:23 AM PDT by SeekAndFind
In the latest evolution of creeping Universal Basic Income, Biden administration officials said on Monday that a poverty-fighting measure included in the COVID-19 relief bill passed this year will deliver monthly payments to households including 88% of children in the United States, starting in July. The Democratic-backed American Rescue Plan, signed into law by President Joe Biden in March as a response to the coronavirus pandemic, expanded a tax credit available to most parents.
Treasury and the IRS also announced the increased CTC payments, will be made on the 15th of each month allowing families who receive the credit by direct deposit to plan their budgets around receipt of the benefit. Eligible families will receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and above.
Eligible recipients will get up to $3,000 per child between 6 and 17, or $3,600 for each child under the age of 6, in 2021, subject to income restrictions. The benefit will reach 39 million households, many automatically and by direct deposit every month, starting on July 15. It is one of several measures the administration says could lift more than 5 million children out of poverty, half of the total number of U.S. youngsters in that situation, according to Reuters.
Officials are trying to help the economy recover from the pandemic. Yet recent signs of higher inflation have raised concern that those costs could eat away at incomes and exacerbate inequality, which has been supercharged ever since the global financial crisis by the Fed's actions, a point we have been making since 2009 and which was underscroed by Stanley Druckenmiller in a recent discussion in which he said that "There's Been No Greater Engine Of Inequality Than The Fed"
Biden has asked Congress to extend the tax credit through 2025.
no nothing for us.....becoming a trend....
no nothing for us.....becoming a trend....
Just in time for the illegal invasion!
Believe it or not, there is a Treasury Bureau of Fiscal Services. Should be renamed the bureau of free money.
Inflation! It’s what’s for dinner.
If this really is an advance on the 2021 credit, so many are going to be shocked when they can’t deduct this from their taxes next year.
that’s ridiculous
This has got to be the stupidest thing I’ve ever seen our government attempt. This will not end well, and the end will be swift.
Training kids to be good little socialists for when they can vote.
This has got to be the stupidest thing I’ve ever seen our government attempt. This will not end well, and the end will be swift
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I see Venezuela or perhaps Argentina ( misguided socialists run the government- unlike Venezuela where the hard core run government) straight ahead....I will add: can all of those getting welfare, stimulus, unemployment, etc....
Please please avoid buying gas so the rest of us can get to our jobs?
Is this permanent of just for one year?
That seems to be adding up to quite a bit of monthly cash.
Quick, how much will the seniorita get for her 6 kids per year?
39 Million to NOT work with free handouts.....
There are no federal welfare programs dedicated to paying for cars or car insurance. I believe only California has a diaper payment program.
Housing - Section 8
Medical - PPACA subsidies/Medicaid
home heating and cooling costs - The Low-Income Home Energy Assistance Program (LIHEAP)
phone service - Obamaphones
broad band - Emergency Broadband Benefit
child care - expansion planned in the name of infrastructure
How is a federal bureaucrat to get time to drink coffee if he/she has to develop a new program to indulge every possible want of the Gimmes?
BINGO more bait for more people.
Planned Parenthood will be out of business.
Oh, like this won’t have consequences. Wondering how many on this thread are reading the fine print.
April...
Gov’t: “Here’s a free $300 every month!”
Peon: “Oh wow! Thanks! I’ll ensure I can’t live without it!”
Next April, 12 $300 payments later...
Gov’t: “Here’s how much you owe in taxes.”
Peon: “WTF!?!? I owe $3600 more than last year? F***** $#!^, I don’t have that kind of money laying around, ... wait, what happened to the Child Tax Credit?”
Gov’t: “We gave it to you, every month, over the last year.”
Peon: [slack-jawed stare]
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