Re: The Democratic $300 per child tax credit

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Ichabod

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Jul 25, 2021, 8:07:33 PM7/25/21
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super70s wrote

> An obvious pandering for reelection in which Republicans will look
> like
> Scrooges when they have the power to repeal it but they don't really
> mind.
>
> From the Web:
>
> Question: Is the IRS up for the challenge?
>
> Answer: It should be, but there are concerns. Many tax experts and some
> lawmakers question whether the IRS, with its out-of-date computer
> systems, shrunken work force and its myriad of other duties, will be
> fully able to deliver periodic child credit payments.
>
> Setting up a new program to deliver regular payments to taxpayers who
> must meet complex eligibility requirements to qualify for the child
> credit is a challenge for an agency that is not used to sending out
> periodic payments. The IRS says that to facilitate advanced payments of
> the credit, it is having to build a system to compute and recompute
> payments as taxpayers provide new information. Such a system must also
> be able to issue and track payments, as well as reconcile all payments
> sent out to each taxpayer during the year with the taxpayer's credit
> taken on the tax return. The agency also needs to develop a program to
> flag returns that don't accurately include all advance payments received
> during the year.
>
> Another issue that the IRS will have to deal with is how to minimize the
> potential for fraud when it comes to refundable child tax credits. For
> example, the IRS estimates that in 2020 it improperly paid $4.5 billion
> in such refundable credits.
>
> Nevertheless, despite all these challenges, IRS Commissioner Charles
> Rettig says that the tax agency can handle the job. And, so far, the IRS
> appears to be on track to start delivering the payments.
>
> Question: Will the higher child tax credit and advance payments
> eventually be made permanent?
>
> Answer: Yes, if Democratic lawmakers get their way. Remember that the
> child tax credit expansions apply only for 2021. Congressional Democrats
> would like to see the enhancements made permanent, touting the impact
> that a higher and fully refundable child tax credit would have on
> reducing child poverty in the United States. For example, Congressman
> Richard Neal (D-MA), the Democratic Chairman of the House Ways & Means
> Committee, said the 2021 child tax credit enhancements are unlikely to
> go away, and he has unveiled proposed legislation to permanently extend
> those expansions. President Biden has also jumped on the child tax
> credit extension bandwagon. His proposed American Families Plan would
> extend the expanded credit through 2025, though he would make full
> refundability, and we assume advance payments, permanent.
>
> If the 2021 child tax credit expansions are not made permanent, or at
> least temporarily extended past 2021, then the rules that applied for
> 2020 returns will kick back in beginning in 2022.
>
> more at:
>
> https://www.kiplinger.com/taxes/602431/child-tax-credit-2021-who-gets-
360
> 0-will-i-get-monthly-payments-and-other-faqs
>


Tritek

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Jul 25, 2021, 11:22:49 PM7/25/21
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Tritek

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Jul 26, 2021, 7:51:22 PM7/26/21
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Ichabod

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Jul 27, 2021, 7:21:43 PM7/27/21
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Ichabod

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Tritek

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Tritek

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Ichabod

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Tritek

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Tritek

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Ichabod

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Tritek

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Ichabod

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Tritek

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Ichabod

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Ichabod

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Dec 7, 2021, 1:50:31 PM12/7/21
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Tritek

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Dec 7, 2021, 5:17:08 PM12/7/21
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Ichabod

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Jan 24, 2022, 6:01:40 PM (4 days ago) Jan 24
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Tritek

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Jan 25, 2022, 5:01:25 PM (3 days ago) Jan 25
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Ichabod

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Jan 26, 2022, 10:17:27 PM (yesterday) Jan 26
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