You’re exactly right. This is the same credit we’ve had for years, only paid in advance monthly payments. If the original annual credit didn’t eliminate poverty (it didn’t) why will smaller monthly amounts do it? Wait until these newly liberated poor people find out they may have to repay thousands from those advance payments when they file their tax returns.
” This is the same credit we’ve had for years, only paid in advance monthly payments. “
In cases like mine this is an entirely new transfer payment. I have only negligible income and do not file. As I said a few comments back, I don’t think this is a good idea in the greater scheme of things, especially if permanent, but am not going to burn the checks, either.
I am particularly interested in this one, because next Feb-Apr I will be one of those paid tax preparers who have to explain it to people. Hopefully the press releases and media reports will be as happy to explain that as they are right now in bragging about how government has solved poverty forever. (again) /s