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
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.
“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.)
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.
Many are only some months recieving these checks, some not at all.
And the media blames the labor shortage on COVID...
The feds are sending monthly child care credits instead of a big, fat check at tax refund season. Wait until that big, fat check doesn’t show up in April because it’s been sent monthly. The howling will be ear-splitting.