re: Those spending the child tax credit check on misc expenses

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These not not government assistance checks, they are tax credits.

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You are not going to like this, but non tax filers (let's just call them "non-swimmers") still get it if they simply sign up with the IRS and claim said non-swimmer status

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Using the child tax credit check on things like getting their hair and nails done, new cell phone, new fake lashes, do they feel guilty not spending it on their kids?

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Did you expect something different? I sure as hell didn’t

The increase in gas and everything else will take care of those checks in no time.

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How big of a problem do you think this is?

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Good try Mingo. I would rather Mike Tyson punch me in the face for 12 consecutive rounds than to answer one of your troll questions.

I like the way you think.

It’s a vote buying scheme, but it was never sold as a windfall for kids.

Kids are expensive. It’s been sold as financial relief for families. The theory is all parents will provide for their children first, leaving the poorest struggling to pay bills, and middle class monthly budgets depleted by family expenses.

The credits are an excuse to pump free money into the economy to buy votes. They don’t care how the money is spent, as long as it’s spent, and people vote for politicians offering more free money in the future.

Gonna be lots of pissed off people come tax time next year

It is an advancement on the annual tax credit these people already receive.

Before the Trump administration rewrote the tax code, a qualifying family received $1,000 per qualifying dependent (child) with a $12,000 standard deduction in Child Tax Credit (CTC).

The Trump administration increased the CTC to $2,000 per qualifying dependent and doubled the standardized deduction to $24,000.

Most recently, the Biden administration increased the CTC to $3,000 per qualifying dependent.

So a qualifying family with two qualifying dependents receives $6,000 when they file their taxes. These people are still receiving that same amount of money, just at different times.

They will receive 50% of the total ($3,000 in our example) in 6 total payments ($500 per month) at one payment per month until December, and 50% ($3,000) when they file FY2021 in April.

The benefit is that they will have access to this money early but the problem is could create a deficit when they file their taxes at the end of the year.

No problem because Money Bags Joe will probably have a solution figured out by then...

[Full disclosure, I do not qualify for the CTC.]

Straight to the 529s I’m sure