New child tax credit

[LIBrty4all 3,749]

Looks like Joe and the... vice president are making things better for all.  Isn't it amazing?

 

 

[TBoneTX 44,672]

Should this be in the "Biden tanking America" thread?

[LIBrty4all 3,749]

Naw, this is a GOOD thing!! People who don't need tax credits getting them.  #winning!!

[Ed&Midori1031 330]

I can't argue one bit to those payments. Anything helps!

Edited July 18, 2021 by Ed&Midori1031

[LIBrty4all 3,749]

1 hour ago, Ed&Midori1031 said:

I can't argue one bit to those payments. Anything helps!

As long as you understand that it will increase your tax bill due next year, then all is well.

[Crtcl Rice Theory 2,432]

1. It's not increasing the tax bill, anymore than reducing your withholding would be. Your tax liability is your tax liability. If parents are choosing to not take the check and leave the money in the hands of the Treasury till April, that is their choice.

 

2. The bill expands the overall tax credit, even for those who pay no or few taxes.  The intent of the law is to raise families with children out of poverty.  One could argue whether that needs to be done or whether Tax credits are the best choice, it is an effective way to get cash into families hands, and most younger families can use it.

 

 

Edited July 18, 2021 by Crtcl Rice Theory

[LIBrty4all 3,749]

Most young families are going to take the money, because money today is a great thing.  But when they do their taxes next year, they need to be aware that all they did was get their tax credit the year prior, which will reduce their (most likely refund because they don't truly understand WHY they are trying to get a refund).  I'm not saying it's a bad thing, but those who take the money today need to understand the consequences tomorrow is all I am saying.

 

Won't even get into the part about the government rewarding parents for having kids.  Different topic altogether.  As is the massive spending this admin is doing.  That will become painfully obvious in the coming years.

[Neonred 3,517]

2 hours ago, LIBrty4all said:

Different topic altogether.  As is the massive spending this admin is doing.  That will become painfully obvious in the coming years.

And it appears this admin is just getting started on their massive spending spree.

 

Grab your socks as the consequences won't be pretty.

Edited July 18, 2021 by Neonred

[Ed&Midori1031 330]

4 hours ago, LIBrty4all said:

As long as you understand that it will increase your tax bill due next year, then all is well.

It helps pay debts that's my focus. 

[LIBrty4all 3,749]

4 hours ago, Ed&Midori1031 said:

It helps pay debts that's my focus. 

Sadly, borrowing money today from next year's coffers may not be the the best method of getting out of debt.  But I understand that one must do what one must do to survive.  Best of luck in achieving your goals!

[Ed&Midori1031 330]

29 minutes ago, LIBrty4all said:

Sadly, borrowing money today from next year's coffers may not be the the best method of getting out of debt.  But I understand that one must do what one must do to survive.  Best of luck in achieving your goals!

Appreciate the support!

[seekingthetruth 1,238]

This senator was head of education in Denver and he says "most" kids in Denver live in poverty.  🤔

I never noticed much poverty in Denver but it has been many years since I spent time in the city.  My family lives in the suburbs.

 

 

[seekingthetruth 1,238]

On 7/16/2021 at 12:59 PM, LIBrty4all said:

Naw, this is a GOOD thing!! People who don't need tax credits getting them.  #winning!!

Yup, count me as one of those!  It is a fairly stupid way to give out money when couples earning up to 150k can get the full credit.

 

Even better for me, it is fully refundable. so I can use the $6600 to help pay for our move back to the U.S. next year.  I used to have to manage my income so I would owe enough tax to get the old credits.  No worries on that now.

 

I'm not eligible for the monthlies because I live overseas, which is fine as I would decline the monthly.  I think it is correct that many people don't even understand that the monthlies are an advance, so they will be missing that money at tax time next year.

[LIBrty4all 3,749]

39 minutes ago, seekingthetruth said:

Yup, count me as one of those!  It is a fairly stupid way to give out money when couples earning up to 150k can get the full credit.

 

Even better for me, it is fully refundable. so I can use the $6600 to help pay for our move back to the U.S. next year.  I used to have to manage my income so I would owe enough tax to get the old credits.  No worries on that now.

 

I'm not eligible for the monthlies because I live overseas, which is fine as I would decline the monthly.  I think it is correct that many people don't even understand that the monthlies are an advance, so they will be missing that money at tax time next year.

Yeah, that part of it was never available for me when I needed it.  I for one think this is a crock.