Starting in July Biden administration will be pouring paper into "real economy"

frick Biden

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.

We’ve been living in a bad dream since March 2020. I want to wake up.

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.

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.

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Is there anyway you can opt out of receiving the monthly payments?

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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.

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.

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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.

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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.

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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.

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This will again do nothing to fix this problem. The government creates problems they dont solve them.

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.