Why are we going ahead with this? The economy does not need any more stimulus. If anything, with inflation threatening, it needs less.
And another $300 per month is just added incentive for people not to go get a job, during a time when employers are unable to hire the people they need.
Democrats can’t stop giving away free stuff. And President Biden must assume grateful voters will line up to support him, or whoever the Democratic nominee is, on Election Day 2024.
According to The Hill:
Households that account for about 65 million children, or 88 percent of children in the United States, will will receive the payments without needing to take any additional action. Payments will be made automatically to about 39 million households, the administration said.
Biden’s coronavirus relief law expanded the child tax credit in several ways for 2021, in an effort to reduce child poverty.
One aspect of the changes to the credit is that the relief law directs the IRS to make advance payments of the credit on a periodic basis from July to December, so that people receive funds in installments throughout the year rather than a single payment when they file their 2021 tax returns. The advance payments are aimed at helping families to better plan their budgets.
Biden’s relief law also increased the maximum credit amount from $2,000 to $3,600 for children under age 6 and $3,000 for older children. Additionally, the law made the credit fully refundable, which will allow the lowest-income families to be eligible for the credit.
Eligible families will receive monthly payments of up to $300 for children under 6, and up to $250 for children ages 6 and older.