Government check arrived today what the ****

[Gaffer1968]

"Earned" income credit, that's the other big lie. If you work some jobs you not only get back all the federal income taxes that you paid in, you also get an "earned" income credit that entitles you to get more money back than you put in. i.e. wealth redistribution.

Now add the "child credit". Some of us will "lose" that "deduction" at the end of the year, but many, many more will get more money out of the government (wealth redistribution) than they put in.

EITC was first signed off on by Nixon, IIRC. IMO, it's a travesty to call that program "earned income." Get other peoples' money back as a "credit" as if you'd actually paid any taxes to start with. To make matters worse, they even have an Advanced EITC payment that forces an employer to foot the bill for the periodic payments of what these "workers" anticipate getting when theyfile. The employer only gets a reconciliation on what they paid when they do their taxes....

 

[Alphacpa]

You are missing the point.
A 'credit' is offset and MUST be made up somewhere (which of course will simply be more deficit spending). Hence the devaluation of remaining M1 for all of us.
Why on earth would you want to subsidize or in ANY way encourage anyone to have a child that they can't independently support?

Totally agree. The Demorats want socialism and fascism over liberty.

 

[fast306stang]

It is an advance of the credit that everyone normally receives, but when you file your taxes next year you will only get half credit. so if the credit offsets the balance and keeps you from owing normally, next year you will owe. It really is the same as how you file during the year in a way, if you file multiple dependents, and have less taxes taken out of your check you will probably owe when you file taxes, if you claim zero and withhold at a single rate the government takes more taxes out of your check and you will probably get a refund.

This. I'm hanging onto the money every month incase I wind up owing this year.

 

[Bamafan1973]

https://en.m.wikipedia.org/wiki/Earned_income_tax_credit

The whole sorry history. Like what the senator from Hawaii said about "no parasites in paradise" about proving residency.

 

[fattboyzz]

Joesialism

 

[roundhouse]

Do you have any articles showing theyre printing money specifically for this?



Damn sure a better use of our tax dollars than piddling around in the middle east for another 20 years

for sure
Bin Ladens goal was to bankrupt the US and I believe he succeeded at that.

 

[Rolling_trip]

Am I the only one that opted out of this?

 

[Raydog]

Government check arrived today what the ****

I guess it's not high enough yet. (National debt as of 9:40am)

 

[GeauxLSU]

Government check arrived today what the ****

I guess it's not high enough yet. (National debt as of 9:40am)
View attachment 3357978

Note that bottom row......

 

[Toothlesswun]

I don't qualify for any government payouts, but aren't these stimulus payments tax free? If not, there will be a lot of surprised folks next year!

Yes they are tax free, but akin to the company store method of credit. The "store" advances the money, but when its payday they take it back.