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Biden Policy Thread - Part Two...

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Bamaro

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seebell

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Bamaro said:
So, we have homeless, hungry, bridges cracking, roads crumbling, lack of affordable birth control, ancient leaking sewers, obsolete electric grid, vulnerable strategic pipelines . . ., but readily available money to pay people to procreate, as if we need more people on this planet. :eek:
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No, they will be paid because they have already procreated. :) Do you have children?
 
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MobtownK

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icymi - this isn't necessarily a payment. It's getting the child tax credit early. Instead of at the end of year, when many parents get a refund, they'll get a check, and no refund. Many will be surprised, but for anyone who has read about it - they can plan accordingly, or not. The credit is growing, but the same eligibility applies.

Everyone who qualifies will be getting the option to opt-out before anything is sent. This would be good for those who generally owe taxes, like that big April check and depend on it, or have different custody agreements. For instance - some divorced parents have it structured that one year, one claims, next - the other. They would want to decline the checks, so that the correct parent claims on taxes.

edit - the crumbling bridges have needed repair & replace for decades. That's on both parties. There's no will do it.
and it will help the hungry - at least the hungry kids.
 
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TIDE-HSV

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MobtownK said:
icymi - this isn't necessarily a payment. It's getting the child tax credit early. Instead of at the end of year, when many parents get a refund, they'll get a check, and no refund. Many will be surprised, but for anyone who has read about it - they can plan accordingly, or not. The credit is growing, but the same eligibility applies.

Everyone who qualifies will be getting the option to opt-out before anything is sent. This would be good for those who generally owe taxes, like that big April check and depend on it, or have different custody agreements. For instance - some divorced parents have it structured that one year, one claims, next - the other. They would want to decline the checks, so that the correct parent claims on taxes.

edit - the crumbling bridges have needed repair & replace for decades. That's on both parties. There's no will do it.
and it will help the hungry - at least the hungry kids.
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Thank you for delivering an explanation that anyone on earth should be able to understand. Well, almost anyone, anyway...
 
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MobtownK

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TIDE-HSV said:
Thank you for delivering an explanation that anyone on earth should be able to understand. Well, almost anyone, anyway...
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I don't disagree w/ @Bamaro that we spend unnecessary $, & have tons of room for improvement - perhaps just disagree with this program being the sticking point, because it's money already slated to be spent - we're just spending it in a different fiscal year.

edit - I love spreadsheets, but would hate being an accountant - esp for the feds.
 
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92tide

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MobtownK

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Correct. We are solidly middle class with 3 kids. We get a tax return every year, even though our W2 is filled out accurately. Its the child tax credit that does it. Spring is when we generally make large purchases. This policy will also serve to stimulate the economy in general- instead of waiting till March 2022, parents will have the money now and be able to spend it, spurring growth.
 
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92tide

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MobtownK said:
Correct. We are solidly middle class with 3 kids. We get a tax return every year, even though our W2 is filled out accurately. Its the child tax credit that does it. Spring is when we generally make large purchases. This policy will also serve to stimulate the economy in general- instead of waiting till March 2022, parents will have the money now and be able to spend it, spurring growth.
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i have seen elsewhere that this is going to have a big impact on lessening child poverty in the country
 
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CrimsonNagus

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92tide said:
i guess this sort of goes here.

https://twitter.com/i/web/status/1394724627566391297
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Finally some sanity on this subject because there are even posters here that claim the astronomical prices these companies charge are justified and needed for them to R&D these drugs. Of course that is not true and it has never been true, it's just pure greedy and more fleecing of Americans by big corporations.
 
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CrimsonNagus

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MobtownK said:
icymi - this isn't necessarily a payment. It's getting the child tax credit early. Instead of at the end of year, when many parents get a refund, they'll get a check, and no refund. Many will be surprised, but for anyone who has read about it - they can plan accordingly, or not. The credit is growing, but the same eligibility applies.

Everyone who qualifies will be getting the option to opt-out before anything is sent. This would be good for those who generally owe taxes, like that big April check and depend on it, or have different custody agreements. For instance - some divorced parents have it structured that one year, one claims, next - the other. They would want to decline the checks, so that the correct parent claims on taxes.

edit - the crumbling bridges have needed repair & replace for decades. That's on both parties. There's no will do it.
and it will help the hungry - at least the hungry kids.
Click to expand...
Thank you, I have been trying to find an answer to how this will work if you typically do not qualify for the full CTC each year. So they are sending everyone the full amount and expecting us to try and do the math and hold back enough to cover what we will now owe next tax season?

This is the problem I have with this plan and how the IRS is not doing enough to make it all clear. IMO, you should have to opt in if you want the money and the IRS should only send you what you qualified for based on previous taxes. I will be declining these checks, we will just wait for our normal refund check. I do not want to have to deal with figuring out how much we can spend from each month's check and how much needs to be set aside to cover next years tax bill.

I think this plan is going to backfire. Most people don't pay attention to the details. They will spend all of this money and still expect the same refund they normally get next year but, will get no refund or possibly owe money. So, will this hurt the economy next year when many have to pay the IRS instead of spending their extra money on stuff?
 
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MobtownK

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CrimsonNagus said:
Thank you, I have been trying to find an answer to how this will work if you typically do not qualify for the full CTC each year. So they are sending everyone the full amount and expecting us to try and do the math and hold back enough to cover what we will now owe next tax season?

This is the problem I have with this plan and how the IRS is not doing enough to make it all clear. IMO, you should have to opt in if you want the money and the IRS should only send you what you qualified for based on previous taxes. I will be declining these checks, we will just wait for our normal refund check. I do not want to have to deal with figuring out how much we can spend from each month's check and how much needs to be set aside to cover next years tax bill.

I think this plan is going to backfire. Most people don't pay attention to the details. They will spend all of this money and still expect the same refund they normally get next year but, will get no refund or possibly owe money. So, will this hurt the economy next year when many have to pay the IRS instead of spending their extra money on stuff?
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I could be completely wrong - but when you get the letter, hopefully you won't be offered more than you are usually qualified for. If you usually owe taxes - then it would be wise to not take it in advance and just figure the amount next spring. We've always gotten the full child tax credit, so not sure on partial amounts.
Anyone who usually owes would be wise not to take in advance.
 
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