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.
Gotta get me one dem border kids...maybe a couple under six....a man could live like a king!/xarc..
Yeah, but it’s free.
HAPPY TAX DAY EVERYONE.
[[Officials are trying to help the economy recover from the pandemic]]
The first thing I like to do when a business is unDer water finacizlly is to spend spend spend on things that can’t help the business. Then when it becomes clear that that isn’t working, spend some more in the hopes that this time it will work. Oh, and fire all the best workers and give away everything to illegals.
Can’t understand why I’m not more succesful
Sorry but the welfare gimmedats need gas to get to the store to buy booze, and to their dealers.
States should redirect these federal child payments to fund public schools.
If parents wanna teach their kids to be socialists, honestly, then they would make their kids work all day, pay them say $60 apiece, then take $50 of it away and give it to some peep down the road who has never worked a day in their life and have no intention to ever work, and who screams at the people giving them the money, complaining that it isn’t enough
Bookmark
If we put the government in control of the Sarah desert, in 5 years there would be a sand shortage (hat tip to gab poster)
Democrats need to pass out more incentives for their base to sit at home and have babies... and their future base... illegals soon to be made full citizen/democrats...
The wording of the article is bad. It’s up to $3600 PER YEAR of child tax credits paid at $300 per month.
I don’t know much about this, is this forever or is there some end on this largess.
Yes, we give birth to children here in Mexico, but we rent them out to Americans for 20% of the tax credits.
Something is going to give and it will be very ugly. The system will collapse as all of this money will be worth nothing. The money is simply bribe money from Uncle Joe and DNC for political reasons.
Watch them attach a “tax forgiveness” clause to some other legislation before people pay taxes next year.
This has got to be the stupidest thing I’ve ever seen our government attempt. This will not end well, for us /Fixed
When can we just stop paying taxes??
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
It’s up to $3600 PER YEAR of child tax credits paid at $300 per month.”
Is that per child? That adds up. Two or three wives with 5 or 6 kids per wife! Pretty soon we’re talking some serious cabbage!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.