The advanced child tax credit

[Frozenbeernuts 1,652]

9 minutes ago, Hawkeye21 said:

Supply and demand has a lot to do with that.

Supply that was destroyed by shutting everything down. This is what I am talking about. On a global scale we chose to lessen the loss of life of unhealthy people while screwing most of the world's population over. Civil wars and wars between nations are fought to stop things like this happening. Lives are sacrificed in the process. Young healthy lives.

 

The amount of buying power and sovereignty most citizens have has been eroded at a very fast rate. Its only getting worse. Shutting down the world helped the ultra rich while hurting most everyone else.

[Hawkeye21 1,848]

5 minutes ago, Frozenbeernuts said:

Supply that was destroyed by shutting everything down. This is what I am talking about. On a global scale we chose to lessen the loss of life of unhealthy people while screwing most of the world's population over. Civil wars and wars between nations are fought to stop things like this happening. Lives are sacrificed in the process. Young healthy lives.

 

The amount of buying power and sovereignty most citizens have has been eroded at a very fast rate. Its only getting worse. Shutting down the world helped the ultra rich while hurting most everyone else.

A lot of the shortage of supply is global, and isn't only from our country.  Every business is having issues with getting product.

[wiffleball 4,631]

33 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."

Different answer to a different question. Really, try reading something. Educate yourself. This credit is substantially higher than in the past. And yes because they're receiving half of their substantially higher tax credit this year obviously they're eating into the lump sum that they could opt to receive instead in April of 23.

The real key is the change in making the entire amount fully refundable. Which it wasn't in the past. I don't have time to teach tax school today. But there's plenty of resources out there. And if you don't want to comprehend that this is a substantially higher tax benefit to approximately 40 million families? Fine. I don't get a commission by convincing you.

[supermike80 1,285]

Just now, wiffleball said:

Different answer to a different question. Really, try reading something. Educate yourself. This credit is substantially higher than in the past. And yes because they're receiving half of their substantially higher tax credit this year obviously they're eating into the lump sum that they could opt to receive instead in April of 23.

The real key is the change in making the entire amount fully refundable. Which it wasn't in the past. I don't have time to teach tax school today. But there's plenty of resources out there. And if you don't want to comprehend that this is a substantially higher tax benefit to approximately 40 million families? Fine. I don't get a commission by convincing you.

Ok..I just go with what that tax expert says.  While I do see how you think you're smarter than everyone else, I will go with the guy who actually can prove it.  Instead of a bunch of gibberish about how smart you are, but don't have time to prove.

You asked to read more..I did...Already knew it but I did, and found that.  So read more more?  

 

[IGotWorms 3,302]

4 minutes ago, wiffleball said:

Different answer to a different question. Really, try reading something. Educate yourself. This credit is substantially higher than in the past. And yes because they're receiving half of their substantially higher tax credit this year obviously they're eating into the lump sum that they could opt to receive instead in April of 23.

The real key is the change in making the entire amount fully refundable. Which it wasn't in the past. I don't have time to teach tax school today. But there's plenty of resources out there. And if you don't want to comprehend that this is a substantially higher tax benefit to approximately 40 million families? Fine. I don't get a commission by convincing you.

It’s a dumb argument. Do these people really believe Biden hasn’t actually done anything but water down the benefit and set himself up for a huge backlash come tax time next year (an election year)? I mean you’d have to be dumber than dogsh1t to think that.

[wiffleball 4,631]

45 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."

Different answer to a different question. Really, try reading something. Educate yourself. This credit is substantially higher than in the past. And yes because they're receiving half of their substantially higher tax credit this year obviously they're eating into the lump sum that they could opt to receive instead in April of 23.

The real key is the change in making the entire amount fully refundable. Which it wasn't in the past. I don't have time to teach tax school today. But there's plenty of resources out there. And if you don't want to comprehend that this is a substantially higher tax benefit to approximately 40 million families? Fine. I don't get a commission by convincing you.

[wiffleball 4,631]

The Covid-19 relief package would also make the benefit fully refundable. Under the current child tax credit, if taxpayers’ credits exceed their taxes owed, they only can get up to $1,400 as a refund. But under the new rules, they could receive the full $3,000 or $3,600 as a refund, depending on the child’s age. 

Parents don’t have to be employed to get the new child tax credit. The new provisions allow households with no income to claim the credit. This is a major change, as previous rules limited the credit to those earning at least $2,500. This meant that families with very low incomes did not receive the full credit previously.

[Hardcore troubadour 12,593]

56 minutes ago, IGotWorms said:

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

 Not everyone can marry someone born of privilege.  

[Hardcore troubadour 12,593]

8 minutes ago, wiffleball said:

Different answer to a different question. Really, try reading something. Educate yourself. This credit is substantially higher than in the past. And yes because they're receiving half of their substantially higher tax credit this year obviously they're eating into the lump sum that they could opt to receive instead in April of 23.

The real key is the change in making the entire amount fully refundable. Which it wasn't in the past. I don't have time to teach tax school today. But there's plenty of resources out there. And if you don't want to comprehend that this is a substantially higher tax benefit to approximately 40 million families? Fine. I don't get a commission by convincing you.

How long will this be good for? Just till the end of this year or is it permanent? 

[vuduchile 1,940]

2 hours ago, supermike80 said:

  And then, there will be another change to the tax law.  Just wait.

This is exactly what will happen.  This feels like a first step toward universal basic income to me.  

[Gladiators 1,903]

1 minute ago, vuduchile said:

This is exactly what will happen.  This feels like a first step toward universal basic income to me.  

Wouldn't surprise me at all if this is the end goal.  Typical liberal agenda...create more dependency...and idiots like Wiff lap it up.

[Alias Detective 1,179]

20 minutes ago, supermike80 said:

Ok..I just go with what that tax expert says.  While I do see how you think you're smarter than everyone else, I will go with the guy who actually can prove it.  Instead of a bunch of gibberish about how smart you are, but don't have time to prove.

You asked to read more..I did...Already knew it but I did, and found that.  So read more more?  

 

What amount is fully refundable.  I want a link.

@wiffleball

 

[Hardcore troubadour 12,593]

This will be great to dumb up America even more. Free money and legalized weed. Can’t wait. 

[listen2me 23 1,537]

Just now, vuduchile said:

This is exactly what will happen.  This feels like a first step toward universal basic income to me.  

Agree

[Alias Detective 1,179]

16 minutes ago, wiffleball said:

The Covid-19 relief package would also make the benefit fully refundable. Under the current child tax credit, if taxpayers’ credits exceed their taxes owed, they only can get up to $1,400 as a refund. But under the new rules, they could receive the full $3,000 or $3,600 as a refund, depending on the child’s age. 

Parents don’t have to be employed to get the new child tax credit. The new provisions allow households with no income to claim the credit. This is a major change, as previous rules limited the credit to those earning at least $2,500. This meant that families with very low incomes did not receive the full credit previously.

From your own link dumbfuck

The American Rescue Plan directed the Internal Revenue Service to provide half of the refundable credit to families as periodic advance payments—starting as early as July 2021—instead of one lump sum when taxpayers file their returns.

[vuduchile 1,940]

1 hour ago, Bert said:

 

Hopefully, I'm wrong.  

 

You're not

[vuduchile 1,940]

2 hours ago, Hawkeye21 said:

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.

I'm also seeing signing bonuses offered for jobs where they never existed before.  Help wanted signs are all over the place around here.  

 

[Hawkeye21 1,848]

3 minutes ago, vuduchile said:

I'm also seeing signing bonuses offered for jobs where they never existed before.  Help wanted signs are all over the place around here.  

 

Driving through my small town there are 4 businesses hiring that can be seen.  The worst one is a McDonalds that has a starting pay of $12.  One had a starting pay of $16.

[Frozenbeernuts 1,652]

1 hour ago, Hawkeye21 said:

A lot of the shortage of supply is global, and isn't only from our country.  Every business is having issues with getting product.

I know. Its because we shut the global supply chain down

[Utilit99 4,099]

This tax credit is going to be a disaster.

[MTSkiBum 1,593]

Lots of misinformation in this thread. It is not a new tax credit, instead it is taking the tax credit that we would have received next spring when we filed taxes in much smaller payments now.

This is awful, many people who have balanced taxes are going to owe thousands of dollars when they go to file next year.

I have no idea what the government was thinking with this.

 

Thankfully I opted out in time, but many people did not.

[IGotWorms 3,302]

2 minutes ago, MTSkiBum said:

Lots of misinformation in this thread. It is not a new tax credit, instead it is taking the tax credit that we would have received next spring when we filed taxes in much smaller payments now.

This is awful, many people who have balanced taxes are going to owe thousands of dollars when they go to file next year.

I have no idea what the government was thinking with this.

 

Thankfully I opted out in time, but many people did not.

Did the child tax credit increase?

[wiffleball 4,631]

2 hours ago, Hardcore troubadour said:

How long will this be good for? Just till the end of this year or is it permanent? 

Right now it's just effective for the 2022 tax year. But there's a pretty hard push for at least another year. I think it's going to be crazy popular. And, if we start seeing homeless shelters and the number of homeless and all the ancillary numbers start going down, then that'll be a pretty compelling case.

[Casual Observer 597]

15 hours ago, wiffleball said:

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.

Inflation?  If only you weren't on the side of mass immigration and wage dilution.  Then you wouldn't have to crow about $5,000 tax credits.

[MTSkiBum 1,593]

4 minutes ago, IGotWorms said:

Did the child tax credit increase?

I hope not, that would make this even worse than i thought it was.

 

We should be spending money on infrastructure, not tax credits/cuts.

[wiffleball 4,631]

Just now, Casual Observer said:

Inflation?  If only you weren't on the side of mass immigration and wage dilution.  Then you wouldn't have to crow about $5,000 tax credits.

I don't think you've ever heard me be on the side of mass immigration.

 

Hill, it pisses me off then illegals are eligible for this as well as long as their kids have a TIN. 

 

I'm all for taking care of our own. As opposed to our cities becoming the shiitholes that they are. But this is just going to send the wetbacks running to us. 

[Casual Observer 597]

18 minutes ago, wiffleball said:

I don't think you've ever heard me be on the side of mass immigration.

 

Hill, it pisses me off then illegals are eligible for this as well as long as their kids have a TIN. 

 

I'm all for taking care of our own. As opposed to our cities becoming the shiitholes that they are. But this is just going to send the wetbacks running to us. 

You keep pumping up Dem candidates and administrations, so you'll have to eat it.

[Drizzay 644]

I made sure to cancel my up front payments.  I will wait until next tax year to see how much more I am getting back, then adjust my withholdings accordingly.

[IGotWorms 3,302]

34 minutes ago, MTSkiBum said:

I hope not, that would make this even worse than i thought it was.

 

We should be spending money on infrastructure, not tax credits/cuts.

It did, at least for many people. So that should offset some of the issues come refund time

[Alias Detective 1,179]

34 minutes ago, MTSkiBum said:

I hope not, that would make this even worse than i thought it was.

 

We should be spending money on infrastructure, not tax credits/cuts.

Yes it did.

[IGotWorms 3,302]

8 minutes ago, Drizzay said:

I made sure to cancel my up front payments.  I will wait until next tax year to see how much more I am getting back, then adjust my withholdings accordingly.

Careful on that. Most of these provisions are temporary, at least now, so next year won’t look the same unless they’re extended.

It’s a headache  

[Gladiators 1,903]

12 minutes ago, Drizzay said:

I made sure to cancel my up front payments.  I will wait until next tax year to see how much more I am getting back, then adjust my withholdings accordingly.

I don't think I'm going to get anything anyway, but I attempted to opt out based on the recommendation from our CPA firm.  There was way more involved in that process than I anticipated, so I said fock it.  If I end up getting something deposited, it'll be flushed through my tax return next year.

[Alias Detective 1,179]

1 minute ago, Gladiators said:

I don't think I'm going to get anything anyway, but I attempted to opt out based on the recommendation from our CPA firm.  There was way more involved than I anticipated, so I said fock it.  If I end up getting something deposited, it'll be flushed through my tax return next year.

In theory take the money and earn interest on the gov’s money then send it back pocketing the penny of interest.

[Gladiators 1,903]

10 minutes ago, Alias Detective said:

In theory take the money and earn interest on the gov’s money then send it back pocketing the penny of interest.

Sounds good, but it'll probably cost me an extra $100 in tax prep fees.  

[Cdub100 3,369]

5 hours ago, supermike80 said:

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.

Guess what those tax credits are coming to an end in 2021. Trump said he would fight to make them permanent if he won reelection. Biden has said anything about them as far as I know. So taxes are going up up up

[supermike80 1,285]

1 minute ago, Cdub100 said:

Guess what those tax credits are coming to an end in 2021. Trump said he would fight to make them permanent if he won reelection. Biden has said anything about them as far as I know. So taxes are going up up up

Oh I know. It's how he gets out of the BS Story that he won't raise taxes.  He will just eliminate the Trump cuts.  so technically, he didn't "raise" taxes.  It's almost a guarantee those cuts going away. 

[Gladiators 1,903]

2 minutes ago, supermike80 said:

Oh I know. It's how he gets out of the BS Story that he won't raise taxes.  He will just eliminate the Trump cuts.  so technically, he didn't "raise" taxes.  It's almost a guarantee those cuts going away. 

Yep...I've been saying the same thing since last October/November.

[Gladiators 1,903]

I just pulled up my checking account and see a pending deposit for $88.  

[TheNewGirl 1,020]

I haven't gotten the child tax credit for years. I won't get anything this time around either. 

 

[Hawkeye21 1,848]

39 minutes ago, Gladiators said:

I just pulled up my checking account and see a pending deposit for $88.  

I checked mine earlier.  I got $500.  Doesn't make much sense to me.