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Started By
Message
Starting in July Biden administration will be pouring paper into "real economy"
Posted on 5/17/21 at 8:02 am
Posted on 5/17/21 at 8:02 am
quote:
Millions of middle and low income families across the country will start receiving monthly payments beginning in mid-July as part of the new, fully refundable child tax credit. The first payments will be made on July 15 and subsequent payments will continue to be made monthly through the end of the year, the Treasury Department and IRS announced on Monday.
Roughly 39 million families will begin receiving
automatic payments. That covers more than 65 million children, accounting for about 88% of all children in the U.S., according to the Biden administration. Eligible families will receive payments of up to $300 a month for every child under the age of 6 and up to $250 a month for every child ages 6 to 17.
There are roughly 70 million 17 or under in the United States I would imagine 90% live in households making under 150k combined. You're looking at roughly 15 billion a month in new dollars
LINK
This post was edited on 5/17/21 at 8:07 am
Posted on 5/17/21 at 8:32 am to Strannix
This will surely pull many families out of poverty
Posted on 5/17/21 at 8:34 am to Strannix
This is just a front of the child tax credit right? I was under the impression that they are advancing the credit and people won't be able to deduct that from their taxes when they file 2021 returns. People making under 150k get an extra amount, but in total, everyone that qualifies for the normal child tax credit will get checks.
Posted on 5/17/21 at 8:35 am to wutangfinancial
they're going to do all they can in an attempt to increase the birth rate.
think we are at record lows
think we are at record lows
Posted on 5/17/21 at 8:37 am to Strannix
We’ve been living in a bad dream since March 2020. I want to wake up.
Posted on 5/17/21 at 8:43 am to TigerTatorTots
quote:
This is just a front of the child tax credit right?
This was my impression as well- instead of getting it in April/May, they're just going to send it monthly. I don't really need it monthly, but I'm sure there are those out there that do.
ETA: Not that anyone's listening, but it should be made ABUNDANTLY CLEAR that their tax refund is going to be much lower next year, since they're getting it in advance- there's going to be a lot of folks that don't get it, and will be real upset come April 2022
This post was edited on 5/17/21 at 8:46 am
Posted on 5/17/21 at 8:48 am to Strannix
More inflationary policy on the front burner. Inflation is the hidden regressive tax, but those who get a little check up front don't know what's on its back side.
Posted on 5/17/21 at 8:57 am to Strannix
Is there anyway you can opt out of receiving the monthly payments?
Posted on 5/17/21 at 9:04 am to rocket31
They need to incentivize the educated population not double down on the 60s type welfare system that increases the population in the cycle of poverty. Everybody knows this and yet here we are because muh feels.
This post was edited on 5/17/21 at 9:05 am
Posted on 5/17/21 at 9:06 am to Phate
quote:
Is there anyway you can opt out of receiving the monthly payments?
I was just reading about that. The IRS is going to launch a website for this new 'benefit', and you will be able to log on and opt out, update your family size if you have a new baby, update income if it will affect your credit, etc.
Posted on 5/17/21 at 9:10 am to LSUGUMBO
The face when you have three kids
The face when yo see the income limits
The face when yo see the income limits
Posted on 5/17/21 at 9:13 am to Auburn1968
Of all the stuff to shite on Biden about, this expanded child tax credit should not be one of them... this country needs to make it easier for middle class families to have support children. Our stagnate birth rate has the potential to screw all of us long term.
Posted on 5/17/21 at 9:17 am to LSUGUMBO
quote:
ETA: Not that anyone's listening, but it should be made ABUNDANTLY CLEAR that their tax refund is going to be much lower next year, since they're getting it in advance- there's going to be a lot of folks that don't get it, and will be real upset come April 2022
It will be the same melt from those that bitched about a smaller refund when Trump had his tax reform. They couldn't see that their paychecks were higher, they could only see that their refund was lower (or had to pay). These same people wont be able to see that fact they are now getting a monthly credit, they will only see that they have a smaller/no return.
Posted on 5/17/21 at 10:00 am to TigerTatorTots
quote:
This is just a front of the child tax credit right? I was under the impression that they are advancing the credit and people won't be able to deduct that from their taxes when they file 2021 returns. People making under 150k get an extra amount, but in total, everyone that qualifies for the normal child tax credit will get checks.
It's larger than Child tax credit, but yes it's replacing that.
Child tax credit used to be $2,000/kid. This is $3,000-$3,600 per kid, now paid out in $250-$300 payments per month throughout year and you cant get the tax credit for it any more.
For 2021 it will be icky because they arent starting payments till July. So let's say you make less than $150k as a married household and have 1 kid under 6 years old.
You will get $1,800 from July-December in $300/mo payments. You tax credit for 2021 taxes will be $1,800 as well, to true you up to the full $3,600 amount for 2021.
The income phaseout is from $150k all the way up to $440k for married/joint. So after $440k AGI, you get nothing. Although it looks to be a pretty sharp decline in the early amounts of that phaseout.
Say you make $200k/yr married joint. The payment will only be $167 of the $300/mo, then your tax credit will be $1000 for only $2,000 total of the $3,600.
Here's a Calculator for it for 2021
In 2022 and beyond, assuming this sticks, you'll just continue to get the $250-300/mo per kid and zero tax credit instead.
Going to be a wake up call maybe not as much as this year's taxes but certainly next year's taxes for people who dont tax plan at all if they are still expecting that credit then get nothing after getting their monthly payments.
Posted on 5/17/21 at 11:28 am to thunderbird1100
quote:What if you have a child that is supposed to be born in November. Would that add an additional dependent for this calculation?
How many children age 5 and under will you have as of December 31, 2021?
Posted on 5/17/21 at 1:16 pm to lowspark12
quote:
Of all the stuff to shite on Biden about, this expanded child tax credit should not be one of them... this country needs to make it easier for middle class families to have support children. Our stagnate birth rate has the potential to screw all of us long term.
This will again do nothing to fix this problem. The government creates problems they dont solve them.
Posted on 5/17/21 at 6:10 pm to Strannix
Biden should just give these families free housing and food and cut out the middleman
I heard there’s a nice development called Angola they could live in
I heard there’s a nice development called Angola they could live in
Posted on 5/17/21 at 6:47 pm to Strannix
This will help with the runaway inflation everyone is starting to see signs of coming.
We end up owing every year, so I'd rather they just keep the money and let me have the credit when I file my taxes, It looks like all I would get based on the calculator is the 2K child tax credit and not any increase.
We end up owing every year, so I'd rather they just keep the money and let me have the credit when I file my taxes, It looks like all I would get based on the calculator is the 2K child tax credit and not any increase.
This post was edited on 5/17/21 at 7:01 pm
Posted on 5/17/21 at 9:39 pm to el Gaucho
quote:
den should just give these families free housing and food and cut out the middleman
I heard there’s a nice development called Angola they could live in
What on earth does that actually mean. Are you my retarded racist uncle?
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