[cymbeline]

“I’m wondering how all those millions who have dropped out of the labor market are doing it.”

Me too. Do the recipients eventually have to pay back the “double” part? I’ve not heard of a “child tax credit payment”. Must mean they’re sending out checks that are associated with the recipients’ tax situation.

[piasa]

Probably like the earned income credit, where some on the lowest tiers get more money back than they were taxed in the first place. Just a disguised welfare check.

[No.6]

Evictions being suspended, plus bonus unemployment exceeding people’s regular wages, plus food stamps and Medicare, plus this, equals no need to work.

The child payment is the 1040 child tax credit split into months and sent out in advance vs all at once at filing.

[devane617]

My lovely wife asks me every time she and I go to Walmart/Sam’s how these folks afford to drive SUV’s and spend 400-500 at WMT. All have cell phones, yet we live in the welfare capitol of the US.

[Svartalfiar]

Me too. Do the recipients eventually have to pay back the “double” part? I’ve not heard of a “child tax credit payment”. Must mean they’re sending out checks that are associated with the recipients’ tax situation.

Probably like the earned income credit, where some on the lowest tiers get more money back than they were taxed in the first place. Just a disguised welfare check.

It's the regular child tax credit that everyone gets if you make less than $400M (married jointly). Used to be maybe $700 or so, but Repubs and Dems have been boosting it nonstop so last year it was up to $2000 per kid. And now it's around $3000 per kid and $3600 if the kid is under six!

All these current payments being discussed are are advance payments, so the last six months will count AGAINST your child tax credit when you file 2021, as it's been partially paid to you. "Double payments" just mean they plan to advance pay out twice as much as they currently do, so six months of such payments will use up the entire credit for your 2022 taxes.

It's like if your boss gives you a $1200 bonus every end of year. But instead, this past year he took half of it, and gave part of it to you Jul-Dec ($100 a month), so instead your year-end bonus is only $600 now.
And now he plans to give you next year's bonus early also, at twice the rate, so you'll get $200 a month Jan-Jun, and ZERO bonus the rest of the year/end of year. (Until, of course, the Dems try to buy more votes and they keep the payments all year by doubling the current pretty-high child tax credit.)