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re: Those spending the child tax credit check on misc expenses
Posted on 7/18/21 at 4:57 am to RogerTheShrubber
Posted on 7/18/21 at 4:57 am to RogerTheShrubber
quote:
this isn't going to be a one time deal.
But...but, where does the money come from?
1
Posted on 7/18/21 at 5:01 am to liz18lsu
quote:
But...but, where does the money come from?
I think we are officially in the MMT era, where economic fantasy reigns. Its a very dangerous experiment. Not a Republican or Democrat thing. Both sides are guilty.
Whether this improves the lives of children is irrelevant, they'll judge success by amount spent. Just numbers and figures.
This post was edited on 7/18/21 at 5:02 am
Posted on 7/18/21 at 5:04 am to GRTiger
quote:
The natural state of humanity is war.
Si vis pacem, para bellum
The republic is all but lost. The guberment, elite, and the wealthy are doing everything they can to get rid of the middle class.
“ When the people find that they can vote themselves money that will herald the end of the republic.”
Benjamin Franklin
Posted on 7/18/21 at 5:05 am to RogerTheShrubber
quote:
amount spent
Consumer culture...Buy, buy, buy. Maybe a $2K Pelaton will make me happy! Go take a freakin' walk.
Posted on 7/18/21 at 5:09 am to liz18lsu
quote:
Consumer culture...Buy, buy, buy. Maybe a $2K Pelaton will make me happy! Go take a freakin' walk.
Well stated. The consumerist culture is pretty debasing, particularly when people have little control over their own lives. Just chasing one instant gratification after another.
Posted on 7/18/21 at 7:55 am to goofball
quote:
It's too bad the middle class were excluded from this because of the income limits.
Lmao
Posted on 7/18/21 at 8:04 am to RogerTheShrubber
quote:
Yep, basically a trial run for universal basic income.
Not even close lol
Posted on 7/18/21 at 8:08 am to JohnnyKilroy
quote:
Not even close lol
It absolutely is. Poor people getting money from government that they do not pay back.
This "tax credit" is welfare for the poor people. Its fully refundable and does not depend on your tax liability. The government will tell us how many people it lifted out of poverty, it will become permanent.
This post was edited on 7/18/21 at 8:16 am
Posted on 7/18/21 at 8:35 am to tgrbaitn08
quote:
Well our household income is plenty enough and our kids are 14 and 17....$333 is nice but like those EBT Cards they sent us a couple weeks ago...we will just donate the money to a charity.
I can see donating the EBT. But the $333 is just an advance in your child tax credit for next year. Any time you don’t have to send Washington your money is a win.
Posted on 7/18/21 at 8:41 am to StTiger
quote:
Do you understand what a tax credit is?
It's not suddenly counted as income. In fact, another change neglected to be mentioned is that the credit is now fully refundable.
In order to create a deficit, your income would have to increase past the thresholds or your kid didn't live with you half the year or you lived outside the states half the year
Not 100% true. If last year you got back $500 and your income/dependent situation this year does not change you could end up Owen g in April. Say u have 2 kids 6-17. Last year u get $4000 for CTC. This year you get $6000 ($2000 more) however you will get $250/mo x2 for 6 months as an advance. So you get $3000 of the $6000 up front. Come tax filing you only have $3000 of CTC left to use. So a net loss at tax filing of $1000. So those expecting to get back $500 will actually owe $500 and will likely have spent all the advance money.
Posted on 7/18/21 at 8:43 am to lsu xman
I put it into my kid's 529 plan.
Posted on 7/18/21 at 8:47 am to tigeraddict
quote:
I can see donating the EBT. But the $333 is just an advance in your child tax credit for next year. Any time you don’t have to send Washington your money is a win.
yeah thats exactly what my wife said.....
I guess I didnt understand what exactly it was for...I get it now after reading this thread. I def wasnt expecting to get it..I thought it was just another stimulus check that we didnt qualify for the other 2 or 3 times those checks went out
Posted on 7/18/21 at 8:54 am to tigeraddict
quote:
the credit is now fully refundable.
This is what most of you are missing.
This isn't last years "tax credit." It has increased in payout, and is refundable.
This post was edited on 7/18/21 at 8:56 am
Posted on 7/18/21 at 9:07 am to tigeraddict
quote:
This year you get $6000 ($2000 more) however you will get $250/mo x2 for 6 months as an advance. So you get $3000 of the $6000 up front. Come tax filing you only have $3000 of CTC left to use. So a net loss at tax filing of $1000
You have a net gain over $2000, you were just advanced most of it. If you are too stupid to do subtraction and don't have $500, I don't feel bad for you.
Posted on 7/18/21 at 9:08 am to lsu xman
quote:
Those spending the child tax credit check on misc expenses
If I give a dollar to someone begging on the street, I have no right to complain about him spending it on crack or vodka. As soon as I give it to him it’s his, not mine.
Posted on 7/18/21 at 9:11 am to TBoy
quote:
If I give a dollar to someone begging on the street, I have no right to complain about him spending it on crack or vodka. As soon as I give it to him it’s his, not mine.
You have a right to not give him another dollar. Voters aren't that intelligent though. Government sucks because we suck.
This post was edited on 7/18/21 at 9:11 am
Posted on 7/18/21 at 9:13 am to RogerTheShrubber
quote:
You have a right to not give him another dollar. Voters aren't that intelligent though. Government sucks because we suck.
Hopefully one day they'll smart up and start drinking, lose their job and family, and move to the outskirts of society while acting high and mighty.
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