Veronique in dailyherald: Let's hope the lame-duck Congress doesn't bring back a bad, expensive idea on tax credits
Democrats have lost the House of Representatives and, along with it, the chance to pass more of their preferred policies in 2023. This makes the"lame duck" period before the January arrival of the new Congress their last opportunity to fully control Capitol Hill for a while. It's also a chance for outgoing legislators from either party to pretty much do as they please.
The credit allowance would be fully refundable to those who pay no income tax, meaning that someone who earned $0 last year could receive as much as $9,600 for two children and a toddler, with part of it paid monthly by the Internal Revenue Service. The cost would be enormous -- probably around $1.6 trillion over 10 years.
These problems are not unique to the extended child tax credit. In fact, the child tax credit itself has mostly been a failure since its inception in 1997. It has consistently failed to deliver on its promise of reducing child poverty. None of the many expansions since then have succeeded, either. by signing up you agree to our terms of service A massive expansion of the credit, along with the lack of work requirements and the cash payments, would add significantly to the problem. In fact, most studies that forecast a significant reduction in child poverty due to the expanded version do not account for the many potential short-term work disincentives embedded in it.
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