- Jun 6, 2007
- 852
- 483
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Back on February 19th President Biden was visiting a Pfizer plant and he was speaking about his American Rescue Plan Act and he asked the American Public to tell him what he should cut out, what he should leave out of the bill (and still be responsible)? Here's some things Mr. President! Democrats in their bill should leave the hell alone the income cut offs for the "child tax credit" in the current law. What Democrats do in their bill is for this year they increase the child tax credit from two thousand per child per year to three thousand dollars (thirty-six hundred for children under six years of age) and they make the credit fully refundable and they advance pay the child tax credit in monthly installments. An aside note is Democrats should have waited to increase the child tax credit until later this year when they roll back the 2017 tax cuts to at least the tune of two trillion dollars over ten years so that they pay for this change to the tax code; remember this year the Federal government will be giving families with children two thousand dollars per child with the rebate checks do they really need this extra a thousand bucks per kid. Making the entirety of the tax credit refundable is a good idea because that will help the kids and the focus should be on the kids so they can have good childhoods resulting in them growing up to be productive, healthy adults and the Democrat idea in the bill to advance pay the tax credit in twelve monthly installments is likewise a good idea because it won't end well sending this refundable child credit to many low income taxpayers when they file their taxes they are unfamiliar with how to handle this amount of money, at issue, and they will squander it not ending up helping their children, advance monthly installment payments ameliorates this problem. Democrats in this bill are lifting this tax credit too high they should just raise it to twenty-five hundred dollars ($2500), and for the added six hundred dollars for children under six years old there is no compelling reason for this extra expenditure good analysis would seem to me to conclude that children "above" six cost parents more, they eat more their clothing cost more they need more activities to be real healthy which costs more! People need to keep in mind the country just raised this tax credit from one-thousand to two-thousand in 2017 why so much so soon on another increase and keep in mind the tax credit is now fully refundable, no limits, so this will be a significant increase in this program costs for the country. Democrats here are going to cause major bad repercussions with their foolish dangling of significant money in front of poor single women; with these Democrat changes a poor single women if she has one baby she gets three thousand dollars per year, two babies she gets six thousand dollars per year and three babies she gets nine thousand dollars per year. Democrats will be creating a new occupation in America for poor women; making babies it pays as good as low wage jobs and takes little or no effort!
Democrats would say here this child credit tax code change is only for one year and the American people need to respond do we look like simpletons! The American people know that every year there is a lot of tax code benefits that have to be extended on a yearly basis because they are expiring and it is too painful to let them expire; who is kidding who this child tax credit increase will be lumped together with all these other annually expiring tax breaks and be extended and not paid for. But the red flag for the American people with these provisions is that Democrats lower the eligibility threshold for this child tax credit the bill modifies current law which provides for eligibility with incomes under two hundred thousand for individuals and four hundred thousand for couples filing jointly, the Democrats make eligibility requirements that income must be under seventy-five thousand for individuals, one hundred and twelve thousand five hundred dollars for head of households and one hundred and fifty thousand dollars for married couples. Granted the bill only makes these new eligibility standards apply to the one thousand ($1600 for children under six) additional child tax credit benefit provided by this bill for the two thousand dollars of the credit that has been the law for four years these higher income Americans get the credit. But the American people should see the writing on the wall when Democrats extend the new child tax credit for next year they just slip into the enabling legislation that the new thresholds standards apply to the entirety of this credit this would help pay for the extension; these limited standards were the law prior to the 2017 Trump Tax cut bill does one not think the Democrats would love to engage in an act which undoes an achievement of Donald Trump! These Democrat standards are not good for a married couple with one or more kids when one considers all these families expenses the cost of a mortgage and all the expenses of running a house and the expenses on two cars and all the expenses commensurate with children one-hundred and fifty thousand dollars is not enough, the current standards in the law are good and fair Democrats should stop messing with the threshold standards!
Democrats would say here this child credit tax code change is only for one year and the American people need to respond do we look like simpletons! The American people know that every year there is a lot of tax code benefits that have to be extended on a yearly basis because they are expiring and it is too painful to let them expire; who is kidding who this child tax credit increase will be lumped together with all these other annually expiring tax breaks and be extended and not paid for. But the red flag for the American people with these provisions is that Democrats lower the eligibility threshold for this child tax credit the bill modifies current law which provides for eligibility with incomes under two hundred thousand for individuals and four hundred thousand for couples filing jointly, the Democrats make eligibility requirements that income must be under seventy-five thousand for individuals, one hundred and twelve thousand five hundred dollars for head of households and one hundred and fifty thousand dollars for married couples. Granted the bill only makes these new eligibility standards apply to the one thousand ($1600 for children under six) additional child tax credit benefit provided by this bill for the two thousand dollars of the credit that has been the law for four years these higher income Americans get the credit. But the American people should see the writing on the wall when Democrats extend the new child tax credit for next year they just slip into the enabling legislation that the new thresholds standards apply to the entirety of this credit this would help pay for the extension; these limited standards were the law prior to the 2017 Trump Tax cut bill does one not think the Democrats would love to engage in an act which undoes an achievement of Donald Trump! These Democrat standards are not good for a married couple with one or more kids when one considers all these families expenses the cost of a mortgage and all the expenses of running a house and the expenses on two cars and all the expenses commensurate with children one-hundred and fifty thousand dollars is not enough, the current standards in the law are good and fair Democrats should stop messing with the threshold standards!
