, which specifically cover teens who are 17 for the first time, are income-based and would start to phase out for individuals earning more than $75,000 a year or $150,000 for those married filing jointly.
From there, the credit would be reduced by $50 for every additional $1,000 of adjusted gross income earned. That means the $3,000 credit provided to parents of children aged 6 to 17 would be phased out completely for individuals earning $95,000 and those making $170,000 and filing jointly.which is available to those making up to $200,000 .current child tax credit
, if taxpayers' credits exceed their taxes owed, they only can get up to $1,400 as a refund. But under the new rules, they could receive the full $3,000 or $3,600 as a refund, depending on the child's age. Parents don't have to be employed to get the new child tax credit. The new provisions allow households with no income to claim the credit. This is a major change, as previous rules limited the credit to those earning at least $2,500. This meant that families with very low incomes did not receive the full credit previously.The House is set to vote on the Senate version of the American Rescue Plan on Tuesday before it heads to Biden's desk for his signature this week.
Source: Loan Digest (loandigest.net)
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CNBC I wonder how many QOP don’t take the child credit and stimulus.
CNBC With each passing day, more and more Americans are realizing what it means to have a Bona-fide President (Joe Biden) in the Whitehouse and not some two-bit reality show wannabe dictator.
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CNBC Too late for me
CNBC So this is based on 2020 taxes and those who lost income in 2021 with multiple kids get screwed again?
CNBC I want my school tax money back
CNBC Do parents pay extra taxes for their kids that they deserve extra money for having them?
CNBC There aren’t enough welfare babies, we need to further incentivize having kids you can’t afford?
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CNBC This summer? They need it now.
CNBC Call me crazy but I’d rather support struggling hungry children than giant wealthy corporations.
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CNBC Remember this could have and should have been done a long time ago. The only reason it was not is the GOP lack the will to help the people they are sworn to serve. VOTE 2022 to preserve the lives of our children.
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CNBC Better start pumping out these kids now!
CNBC What a glorious summer it's going to be, everyone better start making plans now, especially for late summer. Reservations for travel and cruise lines will be open to vaccinated passengers soon and will fill up fast.
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CNBC And I suppose if you have a 20-year-old dependent son in college, nope, he's too old?
CNBC Gotta love when we have to subsidize people for fucking 👍🏻
CNBC So now having a child is a career opportunity is it?
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CNBC The parents will also have to bear increased taxes necessary to repay the new debt, or suffer from the Jimmy Carter type inflation that could result.
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CNBC There is some good articles out that this along with the existing Social Security program encourage having a lot of children. I hope there is some good debate before it becomes permanent.
CNBC How bout an elder care tax credit for those of us caring for spouses at home? I had to close my home-based business because of the pandemic & can’t work because my 79 yo husband can’t be left home alone. If I got a job & something happened to him, I could be charged with neglect.
CNBC I’m pregnant and due in June. I’m still pretty sure this doesn’t help me since I won’t have a child claimed on my 2020 taxes. I still support it and it will lift children out of poverty. But I’m one of the people who lost their job due to covid, so still sucks
CNBC dammit, i need to get me a child. anyone have one i can borrow?
CNBC IRS needs to wave what i owe according to them because I didn't work the whole year 2020 & received unemployment payed no taxes on benefits which is retarted to use public taxes to help me and pay taxes for the help, so whats the point of the unemployment insurance
CNBC Americans paying child supports to kids that aren’t theirs.
CNBC Would the monthly payments automatically be direct deposit like the stimulus checks?
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CNBC That's a relief.👍
CNBC That money will change lives. For people who never thought it possible. Without work, food and rent and car payments are impossible. People are suffering one way or another. Now let us vaccinate and get back to life.
CNBC I need to have more kids.
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CNBC What about those without kids where is my. Money