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wiffleball

The advanced child tax credit

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In a matter of hours, substantial payments are going to start hitting the accounts of ultimately 40 million American families. This is huge folks, but nobody's talking about it.  Tomorrow and for at least the rest of the year and most likely for the rest of 2023 as well.

 

There's a girl that I work with at Catholic charities. She's fixing to get $850 tomorrow. She didn't know that until I told her yesterday. Then I told her she was going to get it for the rest of the year and maybe for the next year

 

and oh by the way? She's still entitled to around $5,000 in tax credit, (not exemption, credit) meaning refund files for taxes in 4/23.  Congress very quietly made the entire amount refundable. It wasn't in the past. 

 

This girl makes 12 bucks an hour. Three young ones ranging from one to 16. That's rent guys. That's a difference between homelessness, and, Not. 

 

Short version? $300 for kids under six. $250 kids up to 17. Head of household? Like a single mom? Make less than 112,000 a year. Married? 150,000 a year.

 

And it's not a bright line test. If your income exceeds that? The credit gets reduced, not eliminated.

 

Didn't file tax returns in the past? That's okay, the IRS built a tool for that.

Spent the entire day yesterday on my day off making sure family-centric shelters/programs  knew the above. And it was amazing how  few actually did. 

 

This is real; it's not saving millionaires tens of thousands. - that most would just defer to savings / deferred gains anyway.  It's actual money that will end up getting pumped back into the economy. And keep  a hell of a lot of people out of homelessness and poverty.

 

I'm actually pretty jazzed about it. It's a pretty cool thing. And I think the real world impact is going to be Noticeable soon.

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Giving folks money so they don't have to strive to make more money by increasing their skills is a horrible idea. The impact will be massive in the wrong direction. 

 

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I heard about this but didn't pay much attention.  They're giving that per month???  And what does "advanced child credit" mean?  Are they advancing you what you would normally get after filing taxes?

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11 minutes ago, wiffleball said:

 

This girl makes 12 bucks an hour. Three young ones ranging from one to 16. That's rent guys. That's a difference between homelessness, and, Not.

I'm actually pretty jazzed about it.

Great. You are "jazzed" that women who make a salary that will only support themselves have 3+ kids knowing they can't afford them. And yet they do it anyway.

You are so cool.

 

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Yeah it’s a big deal. I’m excited to see what it does :thumbsup:

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Just now, IGotWorms said:

Yeah it’s a big deal. I’m excited to see what it does :thumbsup:

Great. You are "excited" that women who make a salary that will only support themselves have 3+ kids knowing they can't afford them. And yet they do it anyway

You must be so smart.

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7 minutes ago, Utilit99 said:

Great. You are "excited" that women who make a salary that will only support themselves have 3+ kids knowing they can't afford them. And yet they do it anyway

You must be so smart.

You’re an assh0le

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Amounts to nothing more noble than buying votes.

They speak about values that are utterly detached from policies.

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First of all, this is the kind of thing that should be voted on. 

Second of all, if the party of climate change is going to give tax credits to people who create future resource hogs, shouldn't those who choose to not create future resource hogs get an equivalent carbon tax credit? 

Or are Dems just pandering to a target demo with everybody's tax dollars again?

 

Either way, since I'm paying for your kid, expect me to discipline your kid when I see him/her being a little sh!t in public. I've earned the right now.  :cheers:

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I’m sorry but this is not needed at all. No one should be struggling right now unless they live in an area where businesses are still shut down for some stupid reason. Most of the places I know are struggling to find workers and are willing to pay more than ever. There are thousands of great paying jobs and businesses are willing to do what they can to keep people long term. I’ve never seen a better time to be looking for a job. 

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3 hours ago, wiffleball said:

and oh by the way? She's still entitled to around $5,000 in tax credit, (not exemption, credit) meaning refund files for taxes in 4/23.  Congress very quietly made the entire amount refundable. It wasn't in the past. 

I think that's called the earned income tax credit, & it's just another form of welfare.

 

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3 hours ago, IGotWorms said:

You’re an assh0le

truth hurts huh?

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The idea that nobody should be struggling right now is absurd. And just plain delusional. There is literally no affordable housing in many locations throughout the country. Especially in colorado.

"Nonsense! I see hiring signs everywhere!'

 

...for $12 an hour. 

 

Do the math when you're lucky to find a one-bedroom apartment for less than $1,300.

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3 hours ago, easilyscan said:

I think that's called the earned income tax credit, & it's just another form of welfare.

 

No

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If anything wife says is true

Horrible idea. We need incentives for people to strive to better themselves. With no extra government welfare going to these people, some would break free of their low paying job, but some would stay stuck

Now the same people who were never going to advance anyway still won't advance themselves, but some of the people who were going to break free of their lower class situation won't care to. They will stop trying to better themselves and just take the easy money

People talk about how we need to get minorities off of generational welfare, but then talk like ite a great idea for everyone else

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Incentivize bad parents to have more kids.

Incentivize bad parents to not get a better job. 

Create more kids with crap parents.  

Give money to good parents who don't need it.  Creating a waste of money.

The Liberal way.  

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1 hour ago, wiffleball said:

The idea that nobody should be struggling right now is absurd. And just plain delusional. There is literally no affordable housing in many locations throughout the country. Especially in colorado.

"Nonsense! I see hiring signs everywhere!'

 

...for $12 an hour. 

 

Do the math when you're lucky to find a one-bedroom apartment for less than $1,300.

Who is going to build low income housing at the moment? 

Have you seen the price of wood under this Biden inflation?

Of course nothing is affordable right now.  Everyone has been spending their Biden cash.  Have you looked at the prices of used trucks right now?  I bought  a 2015 in 2019.  I could sell it right now for much more than I paid for it 2 years ago.  Of course I then would have to re buy in this inflated market.  

 

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9 hours ago, wiffleball said:

 This girl makes 12 bucks an hour. Three young ones ranging from one to 16. That's rent guys. That's a difference between homelessness, and, Not. 

 

Short version? $300 for kids under six. $250 kids up to 17. Head of household? Like a single mom? Make less than 112,000 a year. Married? 150,000 a year.

Finish the story.  So the girl you know was homeless?

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9 hours ago, Fireballer said:

I heard about this but didn't pay much attention.  They're giving that per month???  And what does "advanced child credit" mean?  Are they advancing you what you would normally get after filing taxes?

1/2

 

and then the bottom dweller liberals will cry when they get a smaller refund when they file next year.  Anyone want to bet?

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Wiff’s dreams suck. He always wants to be the noble/good guy. In this one, we know that she puts out. Good chance he could have had sex with her in this dream if he told her he was putting the money in her account. Oh well. Maybe the next one will be better.

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2 minutes ago, Alias Detective said:

1/2

 

and then the bottom dweller liberals will cry when they get a smaller refund when they file next year.  Anyone want to bet?

100% I look forward to the media spin. 

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4 minutes ago, Alias Detective said:

1/2

 

and then the bottom dweller liberals will cry when they get a smaller refund when they file next year.  Anyone want to bet?

So in fact this is what is going to happen?  People will receive smaller refunds in 2022?

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9 hours ago, Fireballer said:

I heard about this but didn't pay much attention.  They're giving that per month???  And what does "advanced child credit" mean?  Are they advancing you what you would normally get after filing taxes?

Its an "advance" on the annual child tax credit families get each year as deductions on their 1040's.  There was a slight increase as well.

BUT..It does reduce the credit at the end of the year.   Can't wait to see CNN running articles early next year about all the poor families that aren't getting tax refunds like they "always did" because of this change.  And then, there will be another change to the tax law.  Just wait.

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3 hours ago, wiffleball said:

The idea that nobody should be struggling right now is absurd. And just plain delusional. There is literally no affordable housing in many locations throughout the country. Especially in colorado.

"Nonsense! I see hiring signs everywhere!'

 

...for $12 an hour. 

 

Do the math when you're lucky to find a one-bedroom apartment for less than $1,300.

How many jobs are paying much more than that?  That may be how it is in your area but it's not that way here in Iowa.  High paying jobs in very affordable areas.

For those jobs that are offering $12 starting pay, are they also offering benefits?  People tend to forget about benefits a lot of times.

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1 hour ago, listen2me 23 said:

Incentivize bad parents to have more kids.

Incentivize bad parents to not get a better job. 

Create more kids with crap parents.  

Give money to good parents who don't need it.  Creating a waste of money.

The Liberal way.  

This is one of the things that drives me crazy about liberals.  This is a terrible way to help people.

There's a part in The Office where Michael Scott's paper company is getting a buy out offer for $60,000.  Ryan wants to take it because all he wants is the money, the short term gratification.  Michael makes the great decision to get their full time jobs back with benefits which is the smart, long term decision.  Liberals are not thinking of the long term benefits.

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1 hour ago, Alias Detective said:

1/2

 

and then the bottom dweller liberals will cry when they get a smaller refund when they file next year.  Anyone want to bet?

Yeah, you may want to educate yourself. Part of the legislation that created this also made the tax credit fully refundable. In the past it wasn't. So when this girl found her taxes next year, she'll still have around $5,000 of employable credit not exemption, credit and I hope you understand the difference.

 

That's substantially different than when Bush just let people get in advance on their tax refund. And what you described is exactly what happened.

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3 hours ago, Frozenbeernuts said:

If anything wife says is true

Horrible idea. We need incentives for people to strive to better themselves. With no extra government welfare going to these people, some would break free of their low paying job, but some would stay stuck

Now the same people who were never going to advance anyway still won't advance themselves, but some of the people who were going to break free of their lower class situation won't care to. They will stop trying to better themselves and just take the easy money

People talk about how we need to get minorities off of generational welfare, but then talk like ite a great idea for everyone else

Sounds like you married an angry woman and maybe should’ve stayed with the last one

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1 hour ago, wiffleball said:

Yeah, you may want to educate yourself. Part of the legislation that created this also made the tax credit fully refundable. In the past it wasn't. So when this girl found her taxes next year, she'll still have around $5,000 of employable credit not exemption, credit and I hope you understand the difference.

 

That's substantially different than when Bush just let people get in advance on their tax refund. And what you described is exactly what happened.

This is false dude...False

The new monthly advance payments rolling out now will come with a tradeoff at tax time, explained York.

"Each dollar of payment that you get now reduces how much child tax credit you get when you file your taxes," she said. "If people don’t change their tax withholding from their paychecks, that could mean that they see a smaller tax refund at tax time or even a balance due because instead of getting the full child tax credit when you file your taxes next year, you’ve already got some of it now."

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1 hour ago, wiffleball said:

Yeah, you may want to educate yourself. Part of the legislation that created this also made the tax credit fully refundable. In the past it wasn't. So when this girl found her taxes next year, she'll still have around $5,000 of employable credit not exemption, credit and I hope you understand the difference.

 

That's substantially different than when Bush just let people get in advance on their tax refund. And what you described is exactly what happened.

Seriously, what % is this going to help?  10% maybe 20%.  I'm afraid this will end up just like the food stamp program only this time they don't have to "trade" the stamps to get cash so they can go buy cigarettes, booze, drugs, etc. while the kids still grow up in poverty.  

Hopefully, I'm wrong.  

 

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2 hours ago, Fireballer said:

So in fact this is what is going to happen?  People will receive smaller refunds in 2022?

Yes

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Its my understanding this is an advance on next year's child tax credit up to half of the total credit.

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3 hours ago, listen2me 23 said:

Who is going to build low income housing at the moment? 

Have you seen the price of wood under this Biden inflation?

Of course nothing is affordable right now.  Everyone has been spending their Biden cash.  Have you looked at the prices of used trucks right now?  I bought  a 2015 in 2019.  I could sell it right now for much more than I paid for it 2 years ago.  Of course I then would have to re buy in this inflated market.  

 

Supply and demand has a lot to do with that.

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15 minutes ago, supermike80 said:

This is false dude...False

The new monthly advance payments rolling out now will come with a tradeoff at tax time, explained York.

"Each dollar of payment that you get now reduces how much child tax credit you get when you file your taxes," she said. "If people don’t change their tax withholding from their paychecks, that could mean that they see a smaller tax refund at tax time or even a balance due because instead of getting the full child tax credit when you file your taxes next year, you’ve already got some of it now."

Yes, this is how I understand it. 

Dumbasses... so most of the population are going to be in for a shock tax time next year.

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Just now, Cdub100 said:

Its my understanding this is an advance on next year's child tax credit up to half of the total credit.

Mine as well.  You get half, paid out over the rest of the year (monthly), you get the other half when you file your taxes.  Now, I don't really have a problem with that, but the situation will arise where people will still want their full amount next year and complain when they don't get it.

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1 hour ago, wiffleball said:

Yeah, you may want to educate yourself. Part of the legislation that created this also made the tax credit fully refundable. In the past it wasn't. So when this girl found her taxes next year, she'll still have around $5,000 of employable credit not exemption, credit and I hope you understand the difference.

 

That's substantially different than when Bush just let people get in advance on their tax refund. And what you described is exactly what happened.

Only the added benefit for 2021 is refundable.  Again, liberal bottom dwellers will get a smaller refund and cry like babies when they do.

even your slut

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1 minute ago, Cdub100 said:

Yes, this is how I understand it. 

Dumbasses... so most of the population are going to be in for a shock tax time next year.

Reminds me of Trumps tax cut.   My brain dead, liberal Trump hating brother in law was furious when his tax bill came. Even though there were literally hundreds or articles telling people to check your withholding to ensure you aren't going to get a big surprise at tax time.  I did..Everything was good and I got a nice bump.  He didn't and was blind with rage at Trump.

Turns out it was found out later his company was not deducting enough.  90% their fault and 10% his fault for not checking.    But he still blames Trump completely.

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22 minutes ago, IGotWorms said:

Sounds like you married an angry woman and maybe should’ve stayed with the last one

Not at all. She's great and I am exponentially more happy. Its the government trying to ##### us over that I am fed up with. The government trying to grab more control over us, mixed with the disaster created by bailouts that has me pissed off.

This isn't even about dollars any more for the elite. They have enough for generations worth of their families to live off of. This is about power and control. The more buying power we lose, the more control they get.

On top of all that, we have too many liberals who belive a form of socialism is good for our country. While I dont trust politicians, and I am not a fan of the Republicans passing laws to repeal women's rights, what they are trying to accomplish pales in comparison to the severity of what democrats want to accomplish.

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