The following report is from Fox 45 News:
There’s a lot more stimulus money coming for some families before the end of the year. The American Rescue Plan sent direct payments of $1,400 to most Americans – that was after Congress approved two other payments. Unemployment payments were expended — most recently, by $300. It also put money in peoples’ pockets with a series of changes to tax credits.
One of the changes in the American Rescue Plan was the expansion of the federal child tax credit. The government is paying the first half of this credit in advance until the end of the year. The first two payments have already gone out.
Here’s how we arrive at the $1,000 figure. There are four more payments left in the expanded child tax credit – September 15, October 15, November 15, and December 15. The minimum amount of money that a family would receive if they have a child 17 or younger is $250.
So, $250 x 4 payments = $1,000.
And that’s the bare minimum if your family qualifies. This tax credit applies per child. Also, the amount of money goes up if you have younger children.
The payments only begin to phase out if you earn a certain amount of money.
According to the IRS, the Child Tax Credit begins to be reduced to $2,000 per child if your modified AGI in 2021 exceeds:
- $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
- $112,500 if filing as head of household; or
- $75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.
What’s more, this is just the first half of the tax credit. The second half will come as a lump sum when you file your taxes in 2022.
According to the IRS, these payments are not taxable.
AUTHOR COMMENTARY
Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.
Proverbs 13:11
Whoopee, $250 just barely pays for a cheap run to the grocery store these days. I would not be shocked if the government starts sending more full-blown checks in the future months because work get shutdown.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Here we go. They’ll all be in Walmart buying up the big screen tv’s, potato chips with dip, soda, & newest video game systems.
You got it, Amanda. They just can’t seem to stop flushing their money down the porcelain throne. Video games, flat screen TVs, NFL football paraphernalia, and a 2021 model Mercedes Benz. Just sign on the dotted line, debtor slave and the loan of $60,000 is yours.
And when the stimmies come in during Black Friday, look out! You so much as “stand in their way” they’ll squash you flat as a pancake as the greedy material loving Americans stampede into Walmart, Target, the mall and Best Buy like a stampede of elephants and rhinos! (It’s not thunder RUN!!!) but they go to church on Sunday, haha what a joke, that’s a knee slapper.
God bless America? Uh, no!
Vaccine compliance test I am sure will be part of it.
.\\itch – I do not consent to be governed.