$3000 per child economic stimulus
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@lufins-dad said in $3000 per child economic stimulus:
It's an increase of $1000 per year. $1000 per year will lift 4.1 million children out of poverty? Color me skeptical.
Sorta passes the sniff test. The poverty line is a discrete number for a family of a given size.
Look at family of four for example, poverty line is 24k (says google). It makes sense that the number of households making within 23k-24k would be large, probably measuring in the single-digit millions. Then repeat that exercise for families of 2 and 3... and you could see it add up.
Its just that 'lifting you out of poverty' has a life-transforming ring to it, whereas in reality, for a family of 4, going from 23.5k to 24.5k is welcome, but hardly game changing.
@jon-nyc said in $3000 per child economic stimulus:
@lufins-dad said in $3000 per child economic stimulus:
It's an increase of $1000 per year. $1000 per year will lift 4.1 million children out of poverty? Color me skeptical.
Sorta passes the sniff test. The poverty line is a discrete number for a family of a given size.
Look at family of four for example, poverty line is 24k (says google). It makes sense that the number of households making within 23k-24k would be large, probably measuring in the single-digit millions. Then repeat that exercise for families of 2 and 3... and you could see it add up.
Its just that 'lifting you out of poverty' has a life-transforming ring to it, whereas in reality, for a family of 4, going from 23.5k to 24.5k is welcome, but hardly game changing.
Technically, isn’t it a tax credit and wouldn’t count as income? That would mean their income would stay the same and they wouldn’t cross the poverty threshold ...
If it does count as income, great... Now think of the families of 4 making $32k that now are making $34K (assuming 2 kids). This puts them over the limit for school meal programs... It will also push millions of families over the income eligibility levels for HUD, WIC, Social Security, DC School Choice, Pell Grants, Need based scholarships and thousands of other programs... The only reasonable response will be to raise the poverty line...Putting those 4.1 Million back in poverty.
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https://www.washingtonpost.com/us-policy/2021/05/17/biden-child-tax-benefit/
Child cash benefit will begin hitting millions of parents’ bank accounts July 15
Administration estimates 88 percent of all American children are slated to receive new monthly payments -- with no action required$300 per child under 6 and up to $250 per child over 6. Like the earlier stimulus payment, there is a means-tested cutoff at around the $75k(individual)/$150k(couple) income level.
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My wife and I have done well the last few years in terms of income. Not Horace-level, but still pretty good and I recognize we are fortunate to have the employment we do.
While I understand the concept of phasing out all of these stimulus checks once you exceed a certain household income... the one-two punch of us paying a higher % of our income to the IRS than our neighbors and also not getting any of the distribution of cash back really is a weird and disappointing feeling. Disheartening? Unmotivating? Not sure the adjective.
@89th said in $3000 per child economic stimulus:
My wife and I have done well the last few years in terms of income. Not Horace-level, but still pretty good and I recognize we are fortunate to have the employment we do.
While I understand the concept of phasing out all of these stimulus checks once you exceed a certain household income... the one-two punch of us paying a higher % of our income to the IRS than our neighbors and also not getting any of the distribution of cash back really is a weird and disappointing feeling. Disheartening? Unmotivating? Not sure the adjective.
Not to worry, 89th, you'll still be participating in the stimulus package, just not as a recipient. You might get the t-shirt:
"Stimulus 2021 'donor'.
You're welcome." -
https://www.washingtonpost.com/us-policy/2021/05/17/biden-child-tax-benefit/
Child cash benefit will begin hitting millions of parents’ bank accounts July 15
Administration estimates 88 percent of all American children are slated to receive new monthly payments -- with no action required$300 per child under 6 and up to $250 per child over 6. Like the earlier stimulus payment, there is a means-tested cutoff at around the $75k(individual)/$150k(couple) income level.
@axtremus said in $3000 per child economic stimulus:
https://www.washingtonpost.com/us-policy/2021/05/17/biden-child-tax-benefit/
Child cash benefit will begin hitting millions of parents’ bank accounts July 15
Administration estimates 88 percent of all American children are slated to receive new monthly payments -- with no action required$300 per child under 6 and up to $250 per child over 6. Like the earlier stimulus payment, there is a means-tested cutoff at around the $75k(individual)/$150k(couple) income level.
They should submit the money by way of a digital account so that they can track how the money's being spent. I'd love to know that.
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@axtremus said in $3000 per child economic stimulus:
https://www.washingtonpost.com/us-policy/2021/05/17/biden-child-tax-benefit/
Child cash benefit will begin hitting millions of parents’ bank accounts July 15
Administration estimates 88 percent of all American children are slated to receive new monthly payments -- with no action required$300 per child under 6 and up to $250 per child over 6. Like the earlier stimulus payment, there is a means-tested cutoff at around the $75k(individual)/$150k(couple) income level.
They should submit the money by way of a digital account so that they can track how the money's being spent. I'd love to know that.
@aqua-letifer said in $3000 per child economic stimulus:
@axtremus said in $3000 per child economic stimulus:
https://www.washingtonpost.com/us-policy/2021/05/17/biden-child-tax-benefit/
Child cash benefit will begin hitting millions of parents’ bank accounts July 15
Administration estimates 88 percent of all American children are slated to receive new monthly payments -- with no action required$300 per child under 6 and up to $250 per child over 6. Like the earlier stimulus payment, there is a means-tested cutoff at around the $75k(individual)/$150k(couple) income level.
They should submit the money by way of a digital account so that they can track how the money's being spent. I'd love to know that.
conscientiously saved for the child's college education, in most cases.
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Time for Karla and I to go away for a weekend... Daddy needs a new Benz...
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Time for Karla and I to go away for a weekend... Daddy needs a new Benz...
@lufins-dad said in $3000 per child economic stimulus:
Time for Karla and I to go away for a weekend... Daddy needs a new Benz...
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@lufins-dad said in $3000 per child economic stimulus:
Time for Karla and I to go away for a weekend... Daddy needs a new Benz...
@george-k said in $3000 per child economic stimulus:
@lufins-dad said in $3000 per child economic stimulus:
Time for Karla and I to go away for a weekend... Daddy needs a new Benz...
$300 + $300 =
