Psalms 62:10 – “Trust not in oppression, and become not vain in robbery”

 

Child Tax Credit: The End For Millions

Child tax credits could come to an end for millions. The monthly advance payments are coming to an end soon, but what will happen in 2022?

The last child tax credit check went out on 12-15-2021.

In 2021, families received six advance installments, totaling up to $1,800 per child. An increase from previous years.

The big question still remains: Will the new enhanced child tax credit payments be extended?

 

 

Politicians are negotiating how long it will continue. The debate is leaning towards one year.

For instance, House Democrats came up with a proposal to keep the increased benefit going until 2025.

After you receive whatever monthly payments the IRS sends you this year, the remainder of your money will come with your tax refund in 2022, after you file your 2021 tax return next spring.

 

 

While Congress should come to an agreement on extending the payments this year, it’s possible the House and Senate won’t decide until 2022.

 

 

Conclusion

The child tax credit does help families financially. Instead, it could be a tax trap causing millions to owe money back to the IRS.

The US government has never defaulted on its debts. This could change.

The child tax credit is nothing more than a catch 22 and I do mean that literally.

For example, if you opt out of receiving the child tax credit payment you must give away 100% of your privacy via their ID.me account! Why can’t you just given them your social security number and they remove you, too simple right?

 

 

The Build Back Better Act, is more like the build back barter.

December’s payment could be the final child tax credit. We don’t know exactly what will happen.

It’s better to have a back up plan when it comes to your personal finances rather than depend on the government.

The stimulus was meant to help individuals recover from financial struggle winds up right back in the economy.

 

 

Making the tax credit permanent will end up hurting many of the children it is supposed to help.

People do not want to work because they’re getting universal payments.

Replacing a tax credit available only to working families with a flat allowance will serve as a disincentive to work.

Expanding the child tax credit would not be a cost-effective way to address poverty.

 

 

DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.

 

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