Posted on 12/01/2022 1:20:15 PM PST by karpov
Democrats have lost the House of Representatives and, along with it, the chance to pass more of their preferred policies in 2023. This makes the "lame duck" period before the January arrival of the new Congress their last opportunity to fully control Capitol Hill for a while. It's also a chance for outgoing legislators from either party to pretty much do as they please. My fear is that the outgoing majority will, with the help of some misguided Republicans, push for a disastrous expansion of the child tax credit.
Such a measure would revive the expanded credit passed by Congress in the American Rescue Plan of 2021, under the cover of the pandemic. Thankfully it expired before being made permanent. But Democrats have expressed their intentions to prioritize bringing back the policy, which would give a $3,000 child tax credit for dependents ages 6 and up and a $600 bonus for younger children.
The credit allowance would be fully refundable to those who pay no income tax, meaning that someone who earned $0 last year could receive as much as $9,600 for two children and a toddler, with part of it paid monthly by the Internal Revenue Service. The cost would be enormous—probably around $1.6 trillion over 10 years. That's not due merely to the dollar amount of the credit, but also to the fact that most parents with children, even very rich ones, would be eligible for a significant portion of it.
Among the unfortunate consequences would be that it would kick even more people off the tax roll, thus raising the question of how sustainable an income tax system can be if most people don't pay such taxes.
(Excerpt) Read more at reason.com ...
What a country we live in. But, for how long?
“My fear is that the outgoing majority will, with the help of some misguided Republicans, push for a disastrous expansion of the child tax credit.”
In the House, Dems hold the majority and can do as they please without Repub help.
In the Senate, if the bill deals with a tax ‘refund’, even a phony one, it can probably be pushed through by reconciliation, meaning 50 Dems + VP Harris are enough to pass. The question would be whether Dems in the Senate are willing to devote time and effort to the reconciliation process when there are other items they want to pass also.
Not forever that's for sure.
Interchangeable.
Spending money we do not have.
It’s okay we’ll just print more.
POTUS said we don’t know what more spending will do.
Buckle up...
sustainable an income tax system can be if most people don’t pay such taxes....
and some get refunds beyond what they paid in. I am beyond pissed about this. The tax is not a welfare program but it has devolved into one.
So THAT’S why hubby’s ex shrew claimed his last kid in tax year 2021 when she agreed not to...
Nobody votes against Santa Claus.
Everything is a big government welfare program, which allows government the power to dictate and control everyone - it's been going on for half a century and the GOP is not fighting back, they continue to help grow government.
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