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Economy

Passages

(780 posts) Sat Aug 17, 2024, 08:23 AM Aug 17

VP Harris is proposing a new plan that would expand the child tax credit

This is exactly what people want to hear.

Link to tweet

4 replies

= new reply since forum marked as read

Highlight:

VP Harris is proposing a new plan that would expand the child tax credit (Original Post) Passages Aug 17 OP

Good idea Old Crank Aug 17 #1

The means test is pretty high right now: $400,000 or below for married couples to get the full credit Shermann Aug 17 #2

Article said low income Old Crank Aug 17 #3

there is effectively no additional administrative cost. Voltaire2 Aug 17 #4

Old Crank

(4,532 posts)

1. Good idea

Reply to Passages (Original post)

Sat Aug 17, 2024, 09:25 AM

Aug 17

But we wonder how our tax code gets so bloated.
This is for the first year only. Make the payment automatic when the child's social security card is issued. Make it for all children and do away with the cost of means testing.

Or better. When children get their social security number send the parents a monthly check, or deposit, for $300. Until 18 or 23 if in a school past high school.

Shermann

(8,538 posts)

2. The means test is pretty high right now: $400,000 or below for married couples to get the full credit

Reply to Old Crank (Reply #1)

Sat Aug 17, 2024, 09:34 AM

Aug 17

That's a pretty big tent right there.

Old Crank

(4,532 posts)

3. Article said low income

Reply to Shermann (Reply #2)

Sat Aug 17, 2024, 09:38 AM

Aug 17

And middle income.

$400k is neither. Plus the administration cost money and throws up barriers.

Voltaire2

(14,631 posts)

4. there is effectively no additional administrative cost.

Reply to Old Crank (Reply #3)

Sat Aug 17, 2024, 10:13 AM

Aug 17

you file your tax return, it includes your income data, you check the box for your credit, your tax return gets processed and as usual credits are applied and a refund check, if appropriate, is issued.

Using the existing IRS system is the least cost approach.

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