Posted on 11/12/2021 11:23:59 AM PST by Oldeconomybuyer
Money from the Child Tax Credit program is set to hit U.S. parents' bank accounts on Monday.
After that, the sixth and final check is scheduled to be deposited on December 15.
The future of the expanded Child Tax Credit program remains in limbo amid negotiations over scaling back President Joe Biden's $3.5 trillion social spending plan, which included an extension of the CTC through 2025. To slash spending in the bill, some lawmakers want to limit the tax credit's renewal to just one or two years. As talks among Democratic lawmakers continues, the future of the family assistance measure is unclear.
Anti-poverty researchers say the monthly cash deposits are helping to cut hunger and hardship among families across the nation. Since July, the child allowance has been sent to roughly 60 million children each month.
"Families need to plan, and they need to be able to plan for the long-term," said Natalie Foster, co-chair of the Economic Security Project, a group that advocates for issues such as basic income. "The monthly checks have been a lifeline for families."
(Excerpt) Read more at cbsnews.com ...
Dec child tax credit…better known as the Biden’s Christmas Bonus.
Dose “The Fifth Check” have anything to do with the Fifth Column - “The Enemy Within”?
ZINKs hardest hit.
Zero
Income
No
Kids
It’s interesting to me that with all this govt gravy being handed out, SlowJoe is about as popular as stomach flu.
My son qualified for his two kids but found out he loses the tax deduction for the kids at tax time. The math worked out better to pass on the cash.
If you want to know why so many blue collar workers are leaving the work force, this is it. For a couple with four children that makes less than $50,000 a year, it probably is more cost effective for one parent to stay home when receiving this $1200 per month, once you deduct child care and other expenses of working. Twelve dollars an hour on a 40 hour work week is less than $25,000 per year. Then subtract for taxes, etc and you will come out basically even.
With those brainiacs, this might be their anti inflation strategy.
But wait until tax time and they find out these Biden kiddie bucks were all borrowed against the big tax credits and refunds they expect
“The monthly checks have been a lifeline for families.”
That lifeline will hang many families come April 15, when the great many who for decades depended on that credit to even out a balance due come Tax Day, will discover they’re thousands of dollars in a hole they didn’t plan for because the credit was already sent & spent.
(Yes they should have planned accordingly. Easier said than done for many, when there’s four digits of cash sitting in the bank and bills are due.)
But wait until tax time and they find out these Biden kiddie bucks were all borrowed against the big tax credits and refunds they expect
—
That’s the part that seems to be glossed over. Is this a true credit or simply reallocating what one’s tax filing credit would have been over 12 months?
Yeah, they have been so helpful that everyone I know with young kids has taken some great vacation like going to Disneyland or along that line.
Well, when they find out, they’ll go nuts and demand that they continue to get this money in cash every month AND in their tax refunds each year, and the Dems will oblige.
Yes, what you said.
too bad we older people don’t get anything......we raised our kids without much help from the govt and now we just get the shaft...
we're older now....68 and 69...we are out of the work force, finally...
fixed income...
yet all prices go up, including the odorous property tax....
“But wait until tax time and they find out these Biden kiddie bucks were all borrowed against the big tax credits and refunds they expect.”
Yeah, they are going to ask where is there large tax “refund” and be extremely upset when they are told they already received it in monthly installments. Many are going to complain and say no one explained that to them.
NO! The young are paying retired folk’s Social Security checks and Medicare by working.
When the young folks retire, they will be shocked to hear there is no money for Medicare.
We have also been voting for these asshats much longer than our children.
Who has really allowed our political class and government to live on our children’s credit card? It was not the kids!
I feel bad for my children. I did not vote for all this spending directly, but it happened on my watch.
They are going to pay a big price for it.
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