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BFNY516
LIF Adult
Member since 7/20 1189 total posts
Name:
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Monthly child tax credit payments start July 15.
Reminder...
In just a few weeks, monthly child tax credit payments will go out to U.S. households that are home to about 65 million kids, according to the IRS.
Here’s what to know
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Posted 6/15/21 8:59 PM  |
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Re: Monthly child tax credit payments start July 15.
They say between 6 and 17 but then in the next sentence, under 17. Very confusing. Don’t think my teen will get it.
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| Posted 6/15/21 9:43 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by windyweather21
They say between 6 and 17 but then in the next sentence, under 17. Very confusing. Don’t think my teen will get it.
I stand corrected. It is confusing. I would think between 6-17 would mean 7-16 but it’s anyone 6 and older gets the $250.
Guess it should say between 6 -16
Message edited 6/15/2021 9:55:55 PM.
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| Posted 6/15/21 9:50 PM |
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StaceyWill
It's a girl!!!
Member since 6/10 21539 total posts
Name:
Stacey
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Re: Monthly child tax credit payments start July 15.
I hope this is not a silly question - but if we take this now, we won't be eligible for it on our 2021 taxes right?
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| Posted 6/16/21 8:53 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by StaceyWill
I hope this is not a silly question - but if we take this now, we won't be eligible for it on our 2021 taxes right?
You will get a portion of it. They have made the amount higher (as long as you are under the cap amount  ) so you will be getting some of it now because it’s already half way through the year. Ans th other half on your taxes.
However if you go over the cap limit this year you will have to pay the money back.
If they continue this next year and you get it monthly you will get nothing then when you file taxes the following year.
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| Posted 6/16/21 9:07 AM |
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StaceyWill
It's a girl!!!
Member since 6/10 21539 total posts
Name:
Stacey
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Posted by StaceyWill
I hope this is not a silly question - but if we take this now, we won't be eligible for it on our 2021 taxes right?
You will get a portion of it. They have made the amount higher (as long as you are under the cap amount ) so you will be getting some of it now because it’s already half way through the year. Ans th other half on your taxes.
However if you go over the cap limit this year you will have to pay the money back.
If they continue this next year and you get it monthly you will get nothing then when you file taxes the following year.
Thanks!
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| Posted 6/16/21 9:15 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Posted by StaceyWill
I hope this is not a silly question - but if we take this now, we won't be eligible for it on our 2021 taxes right?
You will get a portion of it. They have made the amount higher (as long as you are under the cap amount ) so you will be getting some of it now because it’s already half way through the year. Ans th other half on your taxes.
However if you go over the cap limit this year you will have to pay the money back.
If they continue this next year and you get it monthly you will get nothing then when you file taxes the following year.
Is this counting towards your yearly income if you receive it?
This is so silly IMO. This is probably why our taxes will continue to increase due to all these stimulus credits.
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| Posted 6/16/21 9:21 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by Diane
Posted by blu6385
Posted by StaceyWill
I hope this is not a silly question - but if we take this now, we won't be eligible for it on our 2021 taxes right?
You will get a portion of it. They have made the amount higher (as long as you are under the cap amount ) so you will be getting some of it now because it’s already half way through the year. Ans th other half on your taxes.
However if you go over the cap limit this year you will have to pay the money back.
If they continue this next year and you get it monthly you will get nothing then when you file taxes the following year.
Is this counting towards your yearly income if you receive it?
This is so silly IMO. This is probably why our taxes will continue to increase due to all these stimulus credits.
Not an expert but I would say no as this is an advance on a tax credit you file when you do your taxes. So essentially you are getting an early tax refund Is how I look at it.
Don’t get me started with this. I’m ok with it but I’m not ok with these damn income cap limits for a couple of reasons.
One making more than $150K on Long Island does not mean you are well off. Maybe in the middle of nowhere in the country it does but not here
Second why don’t who make more money deserve the same stimulus and tax breaks. It’s just as much as their money as it is for someone who make less. If anything it’s more the money of someone making higher amounts because they’re paying more taxes. It’s absolute bullllshit. You want to give breaks give them to everyone no matter how much they make!!!
Also it’s bulllshit because how many people work off the books so now they qualify because they’re not showing as much income as someone who is doing the right thing and working on the books!!!
Message edited 6/16/2021 9:29:24 AM.
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| Posted 6/16/21 9:28 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Posted by Diane
Posted by blu6385
Posted by StaceyWill
I hope this is not a silly question - but if we take this now, we won't be eligible for it on our 2021 taxes right?
You will get a portion of it. They have made the amount higher (as long as you are under the cap amount ) so you will be getting some of it now because it’s already half way through the year. Ans th other half on your taxes.
However if you go over the cap limit this year you will have to pay the money back.
If they continue this next year and you get it monthly you will get nothing then when you file taxes the following year.
Is this counting towards your yearly income if you receive it?
This is so silly IMO. This is probably why our taxes will continue to increase due to all these stimulus credits.
Not an expert but I would say no as this is an advance on a tax credit you file when you do your taxes. So essentially you are getting an early tax refund Is how I look at it.
Don’t get me started with this. I’m ok with it but I’m not ok with these damn income cap limits for a couple of reasons.
One making more than $150K on Long Island does not mean you are well off. Maybe in the middle of nowhere in the country it does but not here
Second why don’t who make more money deserve the same stimulus and tax breaks. It’s just as much as their money as it is for someone who make less. If anything it’s more the money of someone making higher amounts because they’re paying more taxes. It’s absolute bullllshit. You want to give breaks give them to everyone no matter how much they make!!!
Also it’s bulllshit because how many people work off the books so now they qualify because they’re not showing as much income as someone who is doing the right thing and working on the books!!!
Totally agree
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| Posted 6/16/21 9:42 AM |
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Posted by windyweather21
They say between 6 and 17 but then in the next sentence, under 17. Very confusing. Don’t think my teen will get it.
I stand corrected. It is confusing. I would think between 6-17 would mean 7-16 but it’s anyone 6 and older gets the $250.
Guess it should say between 6 -16
Yup they should have worded it differently.
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| Posted 6/16/21 11:44 AM |
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LittleDiva
LIF Adult
Member since 9/11 1284 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by Diane
Posted by blu6385
Posted by Diane
Posted by blu6385
Posted by StaceyWill
I hope this is not a silly question - but if we take this now, we won't be eligible for it on our 2021 taxes right?
You will get a portion of it. They have made the amount higher (as long as you are under the cap amount ) so you will be getting some of it now because it’s already half way through the year. Ans th other half on your taxes.
However if you go over the cap limit this year you will have to pay the money back.
If they continue this next year and you get it monthly you will get nothing then when you file taxes the following year.
Is this counting towards your yearly income if you receive it?
This is so silly IMO. This is probably why our taxes will continue to increase due to all these stimulus credits.
Not an expert but I would say no as this is an advance on a tax credit you file when you do your taxes. So essentially you are getting an early tax refund Is how I look at it.
Don’t get me started with this. I’m ok with it but I’m not ok with these damn income cap limits for a couple of reasons.
One making more than $150K on Long Island does not mean you are well off. Maybe in the middle of nowhere in the country it does but not here
Second why don’t who make more money deserve the same stimulus and tax breaks. It’s just as much as their money as it is for someone who make less. If anything it’s more the money of someone making higher amounts because they’re paying more taxes. It’s absolute bullllshit. You want to give breaks give them to everyone no matter how much they make!!!
Also it’s bulllshit because how many people work off the books so now they qualify because they’re not showing as much income as someone who is doing the right thing and working on the books!!!
Totally agree
We both worked throughout the pandemic. Many lates nights due to child care issues. Yet we get nothing. I always say I should quit my job as it puts us over caps all the time. I just can’t bring myself to live off the government handouts.
But those of us who worked all throughout and made sacrifices to keep our jobs and to “homeschool” our children should still get something even tho we are over the caps. It’s bs
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| Posted 6/16/21 1:15 PM |
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Posted by windyweather21
They say between 6 and 17 but then in the next sentence, under 17. Very confusing. Don’t think my teen will get it.
I stand corrected. It is confusing. I would think between 6-17 would mean 7-16 but it’s anyone 6 and older gets the $250.
Guess it should say between 6 -16
Under 6 is $300 per month
6-17 is $250
17-24 and in college and still claimed as a dependent will get a $500 one time payment MAYBE (sounds like this hasn't been decided 100% yet)
It has it's positives and negatives. In 2021, I will make over the cap for a single person but I claim head of household so it broadens the range more and I will still qualify.
One note, if you have an agreement where you split years on your taxes (either divorced or by agreement), you should opt out, my SO claimed his son in 2020, but his son's mother will claim him in 2021 so he opted out because although he would receive the money, he would have to pay it back.
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| Posted 6/18/21 3:03 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Monthly child tax credit payments start July 15.
Don't get me started on this ridiculous payment. Give to all or none at all and we are out of the pandemic now so it's about 18 months too late. use the money for some programs that really need it.
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| Posted 6/18/21 7:31 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Portal is open to opt out in case anyone wants to. Also I read that if you file married jointly both parties have to opt out.
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| Posted 6/24/21 12:44 PM |
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Portal is open to opt out in case anyone wants to. Also I read that if you file married jointly both parties have to opt out.
Thanks. For shits and giggles I went through the entire process and we get nothing lol.
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| Posted 6/24/21 1:09 PM |
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StaceyWill
It's a girl!!!
Member since 6/10 21539 total posts
Name:
Stacey
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Portal is open to opt out in case anyone wants to. Also I read that if you file married jointly both parties have to opt out.
Thanks for the info.
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| Posted 6/24/21 1:14 PM |
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MK2010x2
LIF Infant
Member since 8/17 142 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by LittleDiva
Posted by Diane
Posted by blu6385
Posted by Diane
Posted by blu6385
Posted by StaceyWill
I hope this is not a silly question - but if we take this now, we won't be eligible for it on our 2021 taxes right?
You will get a portion of it. They have made the amount higher (as long as you are under the cap amount ) so you will be getting some of it now because it’s already half way through the year. Ans th other half on your taxes.
However if you go over the cap limit this year you will have to pay the money back.
If they continue this next year and you get it monthly you will get nothing then when you file taxes the following year.
Is this counting towards your yearly income if you receive it?
This is so silly IMO. This is probably why our taxes will continue to increase due to all these stimulus credits.
Not an expert but I would say no as this is an advance on a tax credit you file when you do your taxes. So essentially you are getting an early tax refund Is how I look at it.
Don’t get me started with this. I’m ok with it but I’m not ok with these damn income cap limits for a couple of reasons.
One making more than $150K on Long Island does not mean you are well off. Maybe in the middle of nowhere in the country it does but not here
Second why don’t who make more money deserve the same stimulus and tax breaks. It’s just as much as their money as it is for someone who make less. If anything it’s more the money of someone making higher amounts because they’re paying more taxes. It’s absolute bullllshit. You want to give breaks give them to everyone no matter how much they make!!!
Also it’s bulllshit because how many people work off the books so now they qualify because they’re not showing as much income as someone who is doing the right thing and working on the books!!!
Totally agree
We both worked throughout the pandemic. Many lates nights due to child care issues. Yet we get nothing. I always say I should quit my job as it puts us over caps all the time. I just can’t bring myself to live off the government handouts.
But those of us who worked all throughout and made sacrifices to keep our jobs and to “homeschool” our children should still get something even tho we are over the caps. It’s bs
We worked and homeschooled through the pandemic too and will not be getting a credit. This is expected to raise MILLIONS of children out of poverty and cut the poverty rate by like 40%. Yeah, I'm good with that and don't find it to be BS. Happy to pay higher taxes and work harder so those who need "government handouts" for diapers and food for their kids get it.
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| Posted 6/27/21 8:00 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by MK2010x
We worked and homeschooled through the pandemic too and will not be getting a credit. This is expected to raise MILLIONS of children out of poverty and cut the poverty rate by like 40%. Yeah, I'm good with that and don't find it to be BS. Happy to pay higher taxes and work harder so those who need "government handouts" for diapers and food for their kids get it.
Waiting for an answer like this!! I’m all for helping those in poverty but then help only those if that’s the goal. Why not raise the amount people get on food stamps or lower the qualifications on who gets it if that’s the issue.
Or make those that really need it apply so they are giving to those who do need it and not to those who don’t!
Yes I get nothing is perfect and there will be flaws no matter what’s implemented. But what they are doing now is just excluding people solely based on a number they felt was high enough.
Reality is a good majority of the people receiving the credit are not living in poverty. A good amount of people wouldn’t be qualified for it if they actually reported all their income.
Also there is no guarantee those living in poverty will actually use the money to feed and help their children.
So I still stand by my statement that it’s bulllshitt that they put a cap limit on it. It should be all or nothing. All those Who work hard to earn the money they make deserve the same tax breaks.
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| Posted 6/28/21 10:04 AM |
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MK2010x2
LIF Infant
Member since 8/17 142 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Posted by MK2010x
We worked and homeschooled through the pandemic too and will not be getting a credit. This is expected to raise MILLIONS of children out of poverty and cut the poverty rate by like 40%. Yeah, I'm good with that and don't find it to be BS. Happy to pay higher taxes and work harder so those who need "government handouts" for diapers and food for their kids get it.
Waiting for an answer like this!! I’m all for helping those in poverty but then help only those if that’s the goal. Why not raise the amount people get on food stamps or lower the qualifications on who gets it if that’s the issue.
Or make those that really need it apply so they are giving to those who do need it and not to those who don’t!
Yes I get nothing is perfect and there will be flaws no matter what’s implemented. But what they are doing now is just excluding people solely based on a number they felt was high enough.
Reality is a good majority of the people receiving the credit are not living in poverty. A good amount of people wouldn’t be qualified for it if they actually reported all their income.
Also there is no guarantee those living in poverty will actually use the money to feed and help their children.
So I still stand by my statement that it’s bulllshitt that they put a cap limit on it. It should be all or nothing. All those Who work hard to earn the money they make deserve the same tax breaks.
I respectfully disagree. The gap between the rich and poor keeps getting wider. If something like this closes that gap even a little, I am all for it. If you are suggesting they lower the $150K cap (which can really be like $200-$400K depending on how many kids you have and their ages - it decreases by $50 for every $1K you make over $150K) - I can get onboard with that as I agree, some wealthy people are going to have an advantage they really don't need.
I think it's also tough to have people apply for it - as you need a computer, email address, some tech saavy to be able to apply (or opt out). Those who need this the most may have the most trouble getting it.
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| Posted 6/28/21 10:15 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by MK2010x2
Posted by blu6385
Posted by MK2010x
We worked and homeschooled through the pandemic too and will not be getting a credit. This is expected to raise MILLIONS of children out of poverty and cut the poverty rate by like 40%. Yeah, I'm good with that and don't find it to be BS. Happy to pay higher taxes and work harder so those who need "government handouts" for diapers and food for their kids get it.
Waiting for an answer like this!! I’m all for helping those in poverty but then help only those if that’s the goal. Why not raise the amount people get on food stamps or lower the qualifications on who gets it if that’s the issue.
Or make those that really need it apply so they are giving to those who do need it and not to those who don’t!
Yes I get nothing is perfect and there will be flaws no matter what’s implemented. But what they are doing now is just excluding people solely based on a number they felt was high enough.
Reality is a good majority of the people receiving the credit are not living in poverty. A good amount of people wouldn’t be qualified for it if they actually reported all their income.
Also there is no guarantee those living in poverty will actually use the money to feed and help their children.
So I still stand by my statement that it’s bulllshitt that they put a cap limit on it. It should be all or nothing. All those Who work hard to earn the money they make deserve the same tax breaks.
I respectfully disagree. The gap between the rich and poor keeps getting wider. If something like this closes that gap even a little, I am all for it. If you are suggesting they lower the $150K cap (which can really be like $200-$400K depending on how many kids you have and their ages - it decreases by $50 for every $1K you make over $150K) - I can get onboard with that as I agree, some wealthy people are going to have an advantage they really don't need.
I think it's also tough to have people apply for it - as you need a computer, email address, some tech saavy to be able to apply (or opt out). Those who need this the most may have the most trouble getting it.
You really think people lving on Long Island make $151K a year is wealthy????!!! Cause I can 100% tell you they aren’t and that is the problem. Maybe someone making $151K a year in the middle of nowhere is wealthy but not in other areas.
Again not sure why “wealthy” people don’t deserve the same tax breaks. Everyone pays taxes maybe millionaires form a way around paying thier fair share but again lots of “wealthy” people pay a shitloadd in taxes.
I also look at it they are penalizing people for working hard and earning a good living.
Again goal is to help kids out of poverty why not raise what they get in food stamps??!!
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| Posted 6/28/21 10:44 AM |
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Re: Monthly child tax credit payments start July 15.
Posted by blu6385
Posted by MK2010x2
Posted by blu6385
Posted by MK2010x
We worked and homeschooled through the pandemic too and will not be getting a credit. This is expected to raise MILLIONS of children out of poverty and cut the poverty rate by like 40%. Yeah, I'm good with that and don't find it to be BS. Happy to pay higher taxes and work harder so those who need "government handouts" for diapers and food for their kids get it.
Waiting for an answer like this!! I’m all for helping those in poverty but then help only those if that’s the goal. Why not raise the amount people get on food stamps or lower the qualifications on who gets it if that’s the issue.
Or make those that really need it apply so they are giving to those who do need it and not to those who don’t!
Yes I get nothing is perfect and there will be flaws no matter what’s implemented. But what they are doing now is just excluding people solely based on a number they felt was high enough.
Reality is a good majority of the people receiving the credit are not living in poverty. A good amount of people wouldn’t be qualified for it if they actually reported all their income.
Also there is no guarantee those living in poverty will actually use the money to feed and help their children.
So I still stand by my statement that it’s bulllshitt that they put a cap limit on it. It should be all or nothing. All those Who work hard to earn the money they make deserve the same tax breaks.
I respectfully disagree. The gap between the rich and poor keeps getting wider. If something like this closes that gap even a little, I am all for it. If you are suggesting they lower the $150K cap (which can really be like $200-$400K depending on how many kids you have and their ages - it decreases by $50 for every $1K you make over $150K) - I can get onboard with that as I agree, some wealthy people are going to have an advantage they really don't need.
I think it's also tough to have people apply for it - as you need a computer, email address, some tech saavy to be able to apply (or opt out). Those who need this the most may have the most trouble getting it.
You really think people lving on Long Island make $151K a year is wealthy????!!! Cause I can 100% tell you they aren’t and that is the problem. Maybe someone making $151K a year in the middle of nowhere is wealthy but not in other areas.
Again not sure why “wealthy” people don’t deserve the same tax breaks. Everyone pays taxes maybe millionaires form a way around paying thier fair share but again lots of “wealthy” people pay a shitloadd in taxes.
I also look at it they are penalizing people for working hard and earning a good living.
Again goal is to help kids out of poverty why not raise what they get in food stamps??!!
It all depends on your lifestyle and your age and your bills but many can and could live nicely on LI at $151K.
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| Posted 6/28/21 11:09 AM |
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MK2010x2
LIF Infant
Member since 8/17 142 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by windyweather21
Posted by blu6385
Posted by MK2010x2
Posted by blu6385
Posted by MK2010x
We worked and homeschooled through the pandemic too and will not be getting a credit. This is expected to raise MILLIONS of children out of poverty and cut the poverty rate by like 40%. Yeah, I'm good with that and don't find it to be BS. Happy to pay higher taxes and work harder so those who need "government handouts" for diapers and food for their kids get it.
Waiting for an answer like this!! I’m all for helping those in poverty but then help only those if that’s the goal. Why not raise the amount people get on food stamps or lower the qualifications on who gets it if that’s the issue.
Or make those that really need it apply so they are giving to those who do need it and not to those who don’t!
Yes I get nothing is perfect and there will be flaws no matter what’s implemented. But what they are doing now is just excluding people solely based on a number they felt was high enough.
Reality is a good majority of the people receiving the credit are not living in poverty. A good amount of people wouldn’t be qualified for it if they actually reported all their income.
Also there is no guarantee those living in poverty will actually use the money to feed and help their children.
So I still stand by my statement that it’s bulllshitt that they put a cap limit on it. It should be all or nothing. All those Who work hard to earn the money they make deserve the same tax breaks.
I respectfully disagree. The gap between the rich and poor keeps getting wider. If something like this closes that gap even a little, I am all for it. If you are suggesting they lower the $150K cap (which can really be like $200-$400K depending on how many kids you have and their ages - it decreases by $50 for every $1K you make over $150K) - I can get onboard with that as I agree, some wealthy people are going to have an advantage they really don't need.
I think it's also tough to have people apply for it - as you need a computer, email address, some tech saavy to be able to apply (or opt out). Those who need this the most may have the most trouble getting it.
You really think people lving on Long Island make $151K a year is wealthy????!!! Cause I can 100% tell you they aren’t and that is the problem. Maybe someone making $151K a year in the middle of nowhere is wealthy but not in other areas.
Again not sure why “wealthy” people don’t deserve the same tax breaks. Everyone pays taxes maybe millionaires form a way around paying thier fair share but again lots of “wealthy” people pay a shitloadd in taxes.
I also look at it they are penalizing people for working hard and earning a good living.
Again goal is to help kids out of poverty why not raise what they get in food stamps??!!
It all depends on your lifestyle and your age and your bills but many can and could live nicely on LI at $151K.
Yeah, I agree. Also, they base this on your AGI - so there are a whole bunch of ways to lower that number...doesn't have to be how much you make.
It also is a sliding decrease. So if you have 3 kids - 4,6 and 8 for example - that's $9600 as a credit. Let's say you make $200K - $50 off for every $1K - is $2500. That still leaves you with a $7100 credit.
I'm also totally cool with providing more food stamps.
I really don't understand why people have issues with giving more to poor people and those "that need handouts". I have way more issue with billionaires. When the CEO of my company made more than $20 million last year and billionaires all got significantly richer, yeah, I think the mom that needs some extra diapers gets a pass. (I fully believe in capitalism, I am not a socialist, but think the rich could pay a little more.)
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| Posted 6/28/21 2:16 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Re: Monthly child tax credit payments start July 15.
Posted by MK2010x2
Posted by windyweather21
Posted by blu6385
Posted by MK2010x2
Posted by blu6385
Posted by MK2010x
We worked and homeschooled through the pandemic too and will not be getting a credit. This is expected to raise MILLIONS of children out of poverty and cut the poverty rate by like 40%. Yeah, I'm good with that and don't find it to be BS. Happy to pay higher taxes and work harder so those who need "government handouts" for diapers and food for their kids get it.
Waiting for an answer like this!! I’m all for helping those in poverty but then help only those if that’s the goal. Why not raise the amount people get on food stamps or lower the qualifications on who gets it if that’s the issue.
Or make those that really need it apply so they are giving to those who do need it and not to those who don’t!
Yes I get nothing is perfect and there will be flaws no matter what’s implemented. But what they are doing now is just excluding people solely based on a number they felt was high enough.
Reality is a good majority of the people receiving the credit are not living in poverty. A good amount of people wouldn’t be qualified for it if they actually reported all their income.
Also there is no guarantee those living in poverty will actually use the money to feed and help their children.
So I still stand by my statement that it’s bulllshitt that they put a cap limit on it. It should be all or nothing. All those Who work hard to earn the money they make deserve the same tax breaks.
I respectfully disagree. The gap between the rich and poor keeps getting wider. If something like this closes that gap even a little, I am all for it. If you are suggesting they lower the $150K cap (which can really be like $200-$400K depending on how many kids you have and their ages - it decreases by $50 for every $1K you make over $150K) - I can get onboard with that as I agree, some wealthy people are going to have an advantage they really don't need.
I think it's also tough to have people apply for it - as you need a computer, email address, some tech saavy to be able to apply (or opt out). Those who need this the most may have the most trouble getting it.
You really think people lving on Long Island make $151K a year is wealthy????!!! Cause I can 100% tell you they aren’t and that is the problem. Maybe someone making $151K a year in the middle of nowhere is wealthy but not in other areas.
Again not sure why “wealthy” people don’t deserve the same tax breaks. Everyone pays taxes maybe millionaires form a way around paying thier fair share but again lots of “wealthy” people pay a shitloadd in taxes.
I also look at it they are penalizing people for working hard and earning a good living.
Again goal is to help kids out of poverty why not raise what they get in food stamps??!!
It all depends on your lifestyle and your age and your bills but many can and could live nicely on LI at $151K.
Yeah, I agree. Also, they base this on your AGI - so there are a whole bunch of ways to lower that number...doesn't have to be how much you make.
It also is a sliding decrease. So if you have 3 kids - 4,6 and 8 for example - that's $9600 as a credit. Let's say you make $200K - $50 off for every $1K - is $2500. That still leaves you with a $7100 credit.
I'm also totally cool with providing more food stamps.
I really don't understand why people have issues with giving more to poor people and those "that need handouts". I have way more issue with billionaires. When the CEO of my company made more than $20 million last year and billionaires all got significantly richer, yeah, I think the mom that needs some extra diapers gets a pass. (I fully believe in capitalism, I am not a socialist, but think the rich could pay a little more.)
I agree with you mostly. I have no issue giving to people in need. Most of the people getting this money are not in need. It is just extra money. Of course everyone could use extra money. I agree about billionaires, they should be paying and giving back more but this credit and all the other credits are not just saying no to billionaires but to other families as well that the government "thinks" are too rich. If you are giving to money to the majority of the country, give it to all of them or just to the families/people that are truly in need.
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| Posted 6/29/21 11:21 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Monthly child tax credit payments start July 15.
Posted by KarenK122
Posted by MK2010x2
Posted by windyweather21
Posted by blu6385
Posted by MK2010x2
Posted by blu6385
Posted by MK2010x
We worked and homeschooled through the pandemic too and will not be getting a credit. This is expected to raise MILLIONS of children out of poverty and cut the poverty rate by like 40%. Yeah, I'm good with that and don't find it to be BS. Happy to pay higher taxes and work harder so those who need "government handouts" for diapers and food for their kids get it.
Waiting for an answer like this!! I’m all for helping those in poverty but then help only those if that’s the goal. Why not raise the amount people get on food stamps or lower the qualifications on who gets it if that’s the issue.
Or make those that really need it apply so they are giving to those who do need it and not to those who don’t!
Yes I get nothing is perfect and there will be flaws no matter what’s implemented. But what they are doing now is just excluding people solely based on a number they felt was high enough.
Reality is a good majority of the people receiving the credit are not living in poverty. A good amount of people wouldn’t be qualified for it if they actually reported all their income.
Also there is no guarantee those living in poverty will actually use the money to feed and help their children.
So I still stand by my statement that it’s bulllshitt that they put a cap limit on it. It should be all or nothing. All those Who work hard to earn the money they make deserve the same tax breaks.
I respectfully disagree. The gap between the rich and poor keeps getting wider. If something like this closes that gap even a little, I am all for it. If you are suggesting they lower the $150K cap (which can really be like $200-$400K depending on how many kids you have and their ages - it decreases by $50 for every $1K you make over $150K) - I can get onboard with that as I agree, some wealthy people are going to have an advantage they really don't need.
I think it's also tough to have people apply for it - as you need a computer, email address, some tech saavy to be able to apply (or opt out). Those who need this the most may have the most trouble getting it.
You really think people lving on Long Island make $151K a year is wealthy????!!! Cause I can 100% tell you they aren’t and that is the problem. Maybe someone making $151K a year in the middle of nowhere is wealthy but not in other areas.
Again not sure why “wealthy” people don’t deserve the same tax breaks. Everyone pays taxes maybe millionaires form a way around paying thier fair share but again lots of “wealthy” people pay a shitloadd in taxes.
I also look at it they are penalizing people for working hard and earning a good living.
Again goal is to help kids out of poverty why not raise what they get in food stamps??!!
It all depends on your lifestyle and your age and your bills but many can and could live nicely on LI at $151K.
Yeah, I agree. Also, they base this on your AGI - so there are a whole bunch of ways to lower that number...doesn't have to be how much you make.
It also is a sliding decrease. So if you have 3 kids - 4,6 and 8 for example - that's $9600 as a credit. Let's say you make $200K - $50 off for every $1K - is $2500. That still leaves you with a $7100 credit.
I'm also totally cool with providing more food stamps.
I really don't understand why people have issues with giving more to poor people and those "that need handouts". I have way more issue with billionaires. When the CEO of my company made more than $20 million last year and billionaires all got significantly richer, yeah, I think the mom that needs some extra diapers gets a pass. (I fully believe in capitalism, I am not a socialist, but think the rich could pay a little more.)
I agree with you mostly. I have no issue giving to people in need. Most of the people getting this money are not in need. It is just extra money. Of course everyone could use extra money. I agree about billionaires, they should be paying and giving back more but this credit and all the other credits are not just saying no to billionaires but to other families as well that the government "thinks" are too rich. If you are giving to money to the majority of the country, give it to all of them or just to the families/people that are truly in need.
Thank you! You said what I feel much better than me lol!!
This how I feel.
with billionaires I think they should be 100% paying their fair Of taxes and not get tons of loopholes to avoid paying.
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| Posted 6/30/21 10:22 AM |
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