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As inflation surges to the greatest level in a decade, many millions of families who received a monthly payment from the IRS via the extended child tax credit are facing their first month without income from the federal government since July.

Democrats briefly increased the child tax credit in early 2021 as part of a wide coronavirus relief package, but the extension ended at the end of the year with the expiration of the program. Low- and middle-income parents may get up to $3,000 for each kid between the ages of 6 and 17 and $3,600 for each child under the age of six under the proposed increase.

Individuals earning more than $75,000 per year and married couples earning more than $150,000 per year were no longer eligible for the payments, which were dependent on their income.

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As inflation surges to the greatest level in a decade, many millions of families who received a monthly payment from the IRS via the extended child tax credit are facing their first month without income from the federal government since July.

Democrats briefly increased the child tax credit in early 2021 as part of a wide coronavirus relief package, but the extension ended at the end of the year with the expiration of the program. Low- and middle-income parents may get up to $3,000 for each kid between the ages of 6 and 17 and $3,600 for each child under the age of six under the proposed increase. Individuals earning more than $75,000 per year and married couples earning more than $150,000 per year were no longer eligible for the payments, which were dependent on their income.

The expiry of the child tax credit might affect Democrats’ chances in the next 2022 midterm elections, as the legislators considered the more generous version of the child tax credit as a keystone of their campaign platform during the 2016 presidential campaign.

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Even though President Biden and most congressional Democrats hoped to extend the boosted program for at least another year with the passage of the $1.7 trillion Build Back Better plan, progress toward passage of the massive social spending and climate bill stalled last month after moderate Sen. Joe Manchin, D-W.Va., withdrew his support over concerns about inflation and the growing federal debt.

But what they don’t tell you is that, regardless of whether you get a refund or not, you’re effectively taking out a loan against your tax refund, which you will either get considerably less or will even owe money on your taxes. I would be astonished if I received a refund at all this year; this did little to alleviate poverty or even to provide any genuine assistance, particularly given the current state of the economy and the high cost of living.

“I am unable to support the continuation of this piece of legislation. I’m simply not able to do it. I put forth all effort humanly feasible. “I’m not going to be able to get there,” Manchin said in an appearance on “Fox News Sunday.” “in the month of December, “I am voting ‘no’ on this piece of legislation.”

According to IRS figures, more than 300,000 West Virginia children benefited from the extended credit for the month of December.

While negotiating the budget package, Manchin demanded that the child tax credit program must have work requirements in addition to means testing, so that anybody earning more than $200,000 is unable to receive any of the money. He also voiced fear that the money would be used to spark a mass departure of employees.

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Approximately one-third of beneficiaries used the money to pay for school expenditures, according to a Census Bureau study of spending trends conducted in September and October. Families with young children used the monthly payment to assist cover child care costs, according to the poll. Another 40 percent said that they used the money to pay off their credit card debt.

Here’s something to think about. Find a job and put in the effort; it is not the responsibility of the tax payers to support your children. If you are impoverished and unable to find work, such children should be assisted via social services rather than obtaining a blanket payment through a law that covers everyone and allows individuals to receive these grants who do not really need them to do so.

 

 

 


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Article Source : WayneDupree.com
OPINION: This article contains commentary which reflects the author’s opinion
Reminder : The purpose of the articles that you will find on this website is to EDUCATE our opinions and not to disinform or grow hate and anger!


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