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A Lame-Duck Congress Should Reject the Extended Child Tax Credit. The policy has some bipartisan support, despite the fact that it has mostly been a failure since its inception.
Reason ^ | December 1, 2022 | Veronique De Rugy

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 ...


TOPICS: Government
KEYWORDS: eitc; welfare

1 posted on 12/01/2022 1:20:15 PM PST by karpov
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To: karpov

What a country we live in. But, for how long?


2 posted on 12/01/2022 1:41:05 PM PST by crusty old prospector
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To: karpov

“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.


3 posted on 12/01/2022 1:46:44 PM PST by Roadrunner383
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To: karpov
Last night Mark Levine called it (accidentally) the Lame Dung congress, then corrected himself to Lame Duck, but then laughed and said Lame Dung is probably closer.
4 posted on 12/01/2022 1:47:22 PM PST by Jolla
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To: karpov
thus raising the question of how sustainable an income tax system can be if most people don't pay such taxes.

Not forever that's for sure.

5 posted on 12/01/2022 1:50:11 PM PST by 1Old Pro
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To: Jolla

Interchangeable.


6 posted on 12/01/2022 1:50:40 PM PST by EEGator
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To: EEGator

Spending money we do not have.


7 posted on 12/01/2022 1:54:36 PM PST by ActresponsiblyinVA
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To: ActresponsiblyinVA

It’s okay we’ll just print more.

POTUS said we don’t know what more spending will do.
Buckle up...


8 posted on 12/01/2022 1:56:32 PM PST by EEGator
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To: 1Old Pro

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.


9 posted on 12/01/2022 2:01:11 PM PST by Mouton (The enemy of the people is the media )
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To: karpov

So THAT’S why hubby’s ex shrew claimed his last kid in tax year 2021 when she agreed not to...


10 posted on 12/01/2022 2:13:22 PM PST by AbolishCSEU (Amount of "child" support paid is inversely proportionate to mother's actual parenting of children)
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To: karpov

Nobody votes against Santa Claus.


11 posted on 12/01/2022 2:18:20 PM PST by VTenigma (Conspiracy theory is the new "spoiler alert")
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To: Mouton
The tax is not a welfare program but it has devolved into one.

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.

12 posted on 12/02/2022 6:02:32 AM PST by 1Old Pro
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