Monthly Child-Tax-Credit Payments Cease, Ending Cushion for Family Budgets

[Yo_Mama_Been_Loggin]

Source: Wall Street Journal

Families are bracing for bank balances to suffer when the middle of January comes and the monthly child-tax-credit payment doesn’t.

-snip-

Democrats hailed the expansion as a simple yet groundbreaking policy that sharply cut child poverty and confidently proclaimed the credit would prove so popular and beneficial that Congress wouldn’t let it lapse.

It just lapsed.

The House-passed version of Democrats’ $2 trillion education, healthcare and climate bill would have extended payments through 2022, but Sen. Joe Manchin (D., W.Va.) effectively killed that proposal last month. Though some Republicans support some child tax-credit expansion, they oppose the broader bill for its expansion of government assistance and tax increases.

Read more: https://www.msn.com/en-us/money/markets/monthly-child-tax-credit-payments-cease-ending-cushion-for-family-budgets/ar-AASnz0J

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Thanks Joe. I'm sure many of your constituents feel likewise.

[jimfields33]

1. I think most knew it was a short term policy

I don’t think you see to many upset. They knew it’d end.

[xxqqqzme]

6. Well it is going to impact my son

He's a single dad with 3 kids, 6, 9 & 12 and has 2 jobs. The 9 yr old is very low on the autistic scale. He is just learning to talk. I help him all that I can by making certain the kids have shoes and clothes. He is losing his roommate at the end of the month so it is going to be even tighter in February. Those checks helped him stay current with his rent when his roommate was out of work during the lockdowns.

Don't think you'll see too many upset? No there will just be more kids food insecure, wearing coats that don't keep them warm, wearing shoes too tight for their growing feet but they wont be upset because there aren't too many kids.

[xxqqqzme]

7. Well it is going to impact my son

He's a single dad with 3 kids, 6, 9 & 12 and has 2 jobs. The 9 yr old is very low on the autistic scale. He is just learning to talk. I help him all that I can by making certain the kids have shoes and clothes. He is losing his roommate at the end of the month so it is going to be even tighter in February. Those checks helped him stay current with his rent when his roommate was out of work during the lockdowns.

Don't think you'll see too many upset? No there will just be more kids food insecure, wearing coats that don't keep them warm, wearing shoes too tight for their growing feet but they wont be upset because there aren't too many kids.

[Doremus]

17. Your anecdotal observation is that most parents won't miss it?

You are obviously living a life surrounded by parents of higher than average means.

My experience is slightly different. I suspect many parents didn't have the time or energy to dig deeper into the reasons they were receiving the monthly windfall, let alone knew they would end in January. Without a doubt, they are going to be grievously upset by the sudden disappearance of their saving grace, the money that, for many, spells the difference between abject and average poverty. The realization will dawn next month, unfortunately.

I only wish more of them took the time to make their feelings known to their representatives. And voted accordingly.

[Torchlight]

18. What leads you to believe so few are unconcerned it's ending?

Do you think the knowledge that help eventually ends denies the hardship that ending brings with it?

[jimfields33]

19. When it was started, it was said to be a year long tax credit.

It’s similar to the stimulus checks. I didn’t expect another after the third one. Had they not advertised that we’d only be getting three then maybe I’d expect more. They were pretty clear.

[Torchlight]

20. That's a response, but not an answer to what I asked

[jimfields33]

21. I gave you my answer.

Your question cannot be answered without studying 200 million families finances.

[Torchlight]

22. Yet you asserted that so many are unconcerned.

Can that be asserted without studying 200 million families finances.?

[jimfields33]

23. Do you understand that the tax credit was for 2021? Every household did know this.

[Torchlight]

24. I understand you fail to support your assertion.

Now... please explain how and why they are unconcerned-- as that was my original question you have successfully evaded so far.

[llashram]

2. Manchin

is hurting us all in a very confusing manner. I KNEW THIS A***** was big trouble when he appeared on the scene.

[AZLD4Candidate]

3. Republicans are only budget hawks when Democrats have power

When they are, they "cut tax" and spend like drunken sailors.

[Orrex]

4. This is a terrific investment in the GOP's 2022 election bid.

So when we're all standing around at year-end wondering where the blame lies, we can pin it directly on Joe Manchin, the nominal Democrat from West Virginia.

[SharonAnn]

8. We can say that "every single GOP Senator" refused to vote for it.

[TexasBushwhacker]

5. Granted, they aren't getting a monthly payment anymore

and the credit per child will go down to $2000 like it was before. What people can do is adjust their withholding so that they don't have a windfall when they file their 2022 returns. As it is, those that took the monthly payments won't have a windfall for 2021 either, because they were paid half of their tax credit in advance.

What didn't change, as far as I know, is the Earned Income Tax Credit for lower income workers. People expecting an EITC can also adjust their withholding so they have more $$$ monthly and a smaller refund, but in my experience, most people prefer a bigger refund.

[MichMan]

10. Will people filing taxes this month be angry when they find out they already got their refund ?

Wonder how many don't understand it was an advance.

[TexasBushwhacker]

11. That's possible

Although the maximum amount of the advance was $300 a month for children under 6 and $250 a month for children 6 to 17. These payments only added up to HALF of the total CTC per child. So as long as they make under $75K for a single parent and under $150K for a married couple, they will still have an $1800 credit for children under 6 and a $1500 credit for children 6 to 17. Also, for 2021, these credits are fully refundable, whereas before the were only partially refundable for people with a very low tax liability.

[MichMan]

14. $300 a month is $3600 per year for each child

They still get another $1800 on top of that? Did not know.

Never had children, so don't know much about these deductions.

[TexasBushwhacker]

15. They only got 6 payments

More or less monthly since July.

[MichMan]

16. OK, that makes sense then

[The Jungle 1]

9. I am mad at everyone younger that me

I am 65. 75% of COVID deaths are among people my age and older.
Thing is a lot of people younger that me don't care.
They are refusing to vaccinate!
They are refusing to vaccinate their kids!
They don't care if they or their rug rats infect me.
Can I be the first old fart to say fuck um.
I will be considering everything I spend money on.
Oh the school wants new books. Fuck um!
Your having a booster drive. Boost this.
Little League. Get off my lawn.
I do believe I now have reason to be a grouch old fart. We already have a little dog.

[TexasBushwhacker]

12. There are still plenty of 50+ people who are unvaxxed

as well as people who have preexisting conditions that make them high risk. But I agree. Don't send me a link to your "GoFundMe" if you didn't bother to get vaxxed.

[The Jungle 1]

13. No vax / no hospital.

No way should these people be allowed to put hospital staff at risk.
They don't trust science so they need to stay home.