Congress may be near deal on expanded child tax credit
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- Опубліковано 10 січ 2024
- This segment originally aired on January 10, 2023.
Both houses of Congress are near on a bipartisan agreement for a new deal to expand a pandemic-era tax credit from 2020, known as the Employee Retention Tax Credit (ERC). According to the Financial Crimes Enforcement Network, the Internal Revenue Service Criminal Investigation has identified ongoing fraud related to the tax credit that, to date, have resulted in 323 investigations involving more than $2.8 billion of potentially fraudulent ERC claims from 2020-2023.
The agreement would end the ERC and reclaim some of the money to use towards expanding the child tax credit, which helps to fight child poverty. Yahoo Finance's Rick Newman joins Yahoo Finance to discuss the potential agreement and explain the benefits of the new expansion of the child tax credit.
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Yall have it confused, its child tax credit, not child care tax credit. Bad reporting
As a Licensed Tax Accountant, let me clear this up. He is speaking of the Child Tax Credit (CTC), but he keeps saying ChildCare Tax Credit. That is a completely different credit. This IS NOT childcare/daycare related.
And this is exactly why you can’t trust the media, they don’t know what they’re talking about and on top of that they bring on people that don’t know what they’re talking about as well. And this is true for just about every topic, specifically when it comes to politics.
Thank you very much because he did make it sound like this was for toddler, age, children… And the reporting was as ambiguous as a report that tells us that maybe perhaps there’s a 50-50 chance that next week will get rain… They just wasted three minutes of our lives
Anything for clicks.
Exactly, it's pretty obvious the guy has no clue about taxes.
Watch ClearValue Tax here on YT for all news related to this.
Childless single guy here getting VERY fed up with being taxed to death to pay for everybody’s kids while they get taxed less…..
We’re just cogs to society’s machine these days
Father of 3 here and paid over 18k in federal in 2023 so yeah we're not getting taxed less.
Guess it would seem fair to say that I'm a father of six children, married and solely support my family and pay taxes,...I feel I earn mine...I do my part in society...born n raised a Houstonian... what's no fair is that people could come illegally here into the country and be given checks, benefits, hotel rooms and free trips around the country while we all sit and stand around watching...that is mind boggling
@@ShawnMtz_78If they are given green cards, they could be working right away. Deport those who won’t work and keep those that will. Reagan did it for 3 million immigrants, many undocumented.
@@Jmercer93 ok sport pay the 25000 a year per kid for school then we can say you are taxed enough.
I wish the government care for Americans as they care for Ukrainians !!
exactly ❤
True, basically anyone who is NOT american.
When they set up these “care” packages to foreign countries, they allow themselves to put their hands in the cookie jar. They don’t actually care about anyone but themselves.
Not how it works. Not all the funds allocated to Ukraine were cash. A lot of it was equipment they need to take down Russia and now the US is not the biggest aid, it is the UK. If Russia takes Ukraine, they won’t stop there under Putin.
This report amounted to nothing more than a weather report that tells us maybe perhaps possibly next week will get rain, but it could go either way
Lol, the guys don't even know what they talking about. They are excited. Saying you even have to file and they just mail the check. Biden really doesn't want to give EIC, CTC and he stopped care credit in all but 4 states.
You got it right 👍
My daughter is 17 and I don't get the child tax credit and that is a bunch of BS. According to the states and the law she's still considered a "CHILD"
That's BS. I got it for my son until he was 18. Double check that.
@@ImaDoGToo besides the little research I have done I've spoken to six accountants in my area that I personally know and they all tell me that I cannot file with her this year. I agree with you that it's crap but I guess it's till there the age of 17
@@ImaDoGToothey have to be under 17 at the end of the year so technically the limit is 16 & 364 days.
@@ImaDoGToo yeah I can get the Earned income credit just not the child tax credit it's bullshit my son is 17 also and I can claim him as a dependant just not as a child tax credit. He still relies on me and is still in high school
Depends what part of the year your child was born.
Hey. Long time worker, no kids, no religion. Can I get some attention, please? Been waiting my turn for that help everyone else seems to need. Medicare for the older folks, childcare for parents. Tax cuts for the rich. Someone wanna toss a thought my way? Getting to that age where money being a barrier isn't an option. If I gotta start hijacking ambulances when I get sick, I will.
For illegal immigrants only watch
Gvt cant give away enough of our money
BULLSHIT! Let's increase amounts for seniors and disabled!
wish we could afford to have children.. until then I just get to be the crazy uncle
STOP PRINTING MORE MONEY!!!
Why
Enough! Do something for the elderly and disabled on SS! Many barely get a $1000 a month and that doesn't cover rent! They need help. Parents with kids can get JOBS!
Walmart is hiring greeters unless you are a hypocrite of your own comments & opinions
@wwet-gx4cg I have done my work time for 50 plus years. I am no longer physically able to work. If I could I would be. Big difference between young so called parents sitting on their butts doing nothing but getting high and someone who worked for over 50 years you fool
well, the current child tax credit refunds the taxes the parents paid from their jobs. SS will only pay 78% of SS benefits in 2032, if congress does nothing to fix the SS trust fund.
I agree what about the elderly what do I get absolutely nothing thank you
The Walmart that I frequent has a paraplegic in a wheelchair with only the use of her mouth as the greeter. She literally only greets customers and asks to see receipts. If she can work so can you. By the way, many parents got shi* on by democrat policies that make it difficult to provide for their children. Parents also pay more in taxes.
What about senior citizens that you keep doging out. What's in the deal for them?
How about helping the Senior Citizens?
Yall get enough what more do you want?
There has been and there will be continued raises with Social Security retirement benefits and other things like that
Which is from the money they paid IN to that program all the years they worked. It's not free money from tax dollars. And it goes up with the cost of living (or should). @@user-lb2zy2ig7x
Yeah SS got 3% but they voted themselves 5%!!! And Medicare premiums went up more than the 3% raise. As well as drug costs.
They make a heck of a lot more than SS pays too plus they get medical.
@claybenson254We already know there won’t be anything for us
Refundable tax credit means direct cash welfare payment! In 1996 the welfare was shifted from the state and local level to the tax form levels. This was to soften the blow of losing all the "living wage" manufacturing jobs that are gone now. There are various welfare schemes such as child tax credits and earned income credits that are refundable. This explains how people that pay little or no federal income tax receive & 1,000's per kid that they claim. When I did taxes for people 40 years ago there was no such thing as "refundable tax credits". My job was to figure out how to lower the tax liability to receive as much as legally possible of federal withholding tax paid back. The late great USA is nothing but a banana republic now.
What about the $400-$500 refundable credit for having a 401K and Roth's IRAS is this one Welfare and also the the credit for property taxes and interest. Are these also Welfare?
I am referring to direct cash welfare payments just because you have kids every year. When I was a kid they did not exist on any tax form. When I did taxes a long time ago money investment schemes like IRA's and 4 what evers did not exist. There is a difference between deductions and "refundable tax credits". Do you know what the difference is?@@miraclelove991
What do us single people get?
Nothing! Refundable child tax credits is a fancy name for cash welfare.
Nothing, have a baby 🤣!
You get the benefit of not raising a kid until the age of 18. Which is somewhere around $330,000 per kid as of 2023
That’s like seeing someone blind get a cane and complain “but what do I get?” You get to not be blind.
Cats
Get outa here, no way I’m buying that our government gives a $hit about the American family.
We need no deductions period and no filing.
I believe they should make it where you don't have to be 25 to get earned income credit and instead of the amount going down the more you make it should go up to give people the incentive to better themselves and earn more money instead of just having more kids. A single parent with four kids making about $12,000 a year will get back about 20 grand. A single person under 25 making $12,000 a year will get back about 300 if they fill out their W-4 correctly.
A single parent should be taxed at 200% to pay for the nonsense that kids without fathers in the home cause like a 10x greater chance of being a dope head or criminal.
Did you pull that $20,000 out of your ass? With that income your EIC will be $5411 and the child tax credit max would 6400 but you wouldn’t get that full amount with that income and the tax laws now. Did you ever think some people have health problems, death in their family, children with disabilities, loss of a job etc…before judging people you don’t know?
@@thumper84you want to tax the good parent? Good grief.
If we submit our taxes now and the bill gets approved on child tax will they give us that full credit or do we have to wait for Congress to vote on the child tax credit before we submit our taxes
Just wait…avoid the headache unless you absolutely need it
@@BIGRIGLUCCI exactly better wait
🤣🤣🤣
Just like with any other credit they give in the middle of the tax season you still receive according to the new rules. Just like when they decided not to tax unemployment they sent a check for the amount of increased refund in the mail. You should go ahead and file now and if this passes you'll get it as well.
If you are claiming the child tax credit, the IRS won't accept the return until mid Feb by federal law to prevent people from fighting to claim a child first that weren't entitled to. Last year some people that filed early and got in the waiting queue actually had issues bc the IRS system messed this queue up and so their returns were drastically postponed. I would suggest to just wait and file the taxes once they start accepting them in mid Feb. Still won't be getting the refund any quicker that late Feb, early March if claiming the child tax credit
Don’t tax our pay
Here’s a idea: make alimony pre tax and the recipient can pay the taxes.
That's the rule now. Go back to court and amend your decree and it should switch. (Not a lawyer, not tax advic÷.
The tax credit should be a negative number. Pay for your own kids including school
Who do I have to pay for your kids?
Do you mean to ask WHY? It's a reduction of how much people with children are taxed. It's not a program you are paying for. Your tax dollars pay for things like police, roads, illegal immigrants....
@@ImaDoGToo yes it is a program I'm paying for. Where's my tax break for NOT using government resources. You have kids...you should pay more.
@@ImaDoGTooSindle individuals are taxed at a higher rate than married with children. Stop the bs that you are taxed more.
Of course they want to expand child tax credits. This national debt has to be passed on to the next generation… Who else is going to pay for this debt? Certainly not congress… they just spend money 💰.. it’s not their money… they didn’t earn it.. just pass on the debt.. they make the rules, we play the game whether we like it or not… yes have more kids!!! Need more innocent children to carry this massive debt…
What about those who have been responsible and have held out having kids until after career and marriage????
Cat food credit
This guy calls it the wrong credit the whole time and never says what amounts are being discussed.
I wish they can be clear without exaggeration. “High income household”- you don’t get the credit if you make more than 400k in household pretax income. That’s a lot of dual income families where both parents work 50+ hours per week and have to pay for childcare. It’s not a lot of money after taxes in high cost of living areas. It’s also made to look, in many articles that I read that somehow there’s a minimum income to qualify for the credit. That’s a spin. It’s a refundable tax credit, if you don’t qualify it’s because you did not pay enough tax to get it back. They should really just set a income hurdle and just give people money based on the number of kids they have. It would keep this all a lot simpler.
Since when did soeculation became newsworthy?
Can someone explain to me how much the Ctc is?
Well they took the tax credit away from me in 2023 because I'm collecting SSI and not working I raise two grandchildren and I don't get any help at all the tax credit I was getting helped me with school clothes and shoes and stuff we needed for the house. I have worked since I was 14 years old I have paid into the system practically my whole life I'm unable to work now because of a very bad fall I took outside of their daycare that was no fault of mine.. oh and did you know that in NC day care's don't have to carry insurance ?? That's almost as scary as it was when I took the horrible fall.
Hoping Congress will help is worse than hoping the Cowboys won’t choke in the playoffs.
Can we get a golf clap for the feds having the heart not to steal money from families already struggling.
Yeah kids get it all the elderly get nothing
Why? If we need revenue, stop giving breaks!!!!!!!!
Is anyone still in the camp? That believes we have a two party system? Am I the only one that sees through this bullshit?
Parents need Child Care Credits. Parents struggle and Child Credits helps them with groceries, clothing, and pay College Tuitions.
WHY? More give aways!
is the CTC the sht I ended up paying back when I filed the next year? Lol what a joke...
No one should be paid for having children. Flat tax, only. Enough of this Welfare State nonsense.
My God the spin. Child poverty went down,yeah sure.
What ? The republicans actually did something to help poor people ? My heart !!!!
What about the elderlyou're on the list we? We need a stimulus, something even if it's a small amount.
We can make it with social security alone. Isn't very hard, thank you.
I am not arguing with anyone. I'm just making a statement when we're young. We're all working All American citizens are working. Win that text day and night as we work. If we own our own homes, we pay tax. We pay tax to the government. The government does what they need to do to share with everybody. What is happening nowadays without money that is taken out of self. But so many people that work that pay taxes if they have a home. Text gets taken out of here or out of all of us when we're workit gets sent to different countries. It also pays for all the immigrants that are comingimum and everybody gets a chair of it or not. Everybody I shouldn't say that. But they don't look upon the needy ones. I know a couple. They have 2 children they receive exercise, and they also receive welfare. They also get child's tax credit. What happened to the elderly? That's what I am trying to say. I am not trying to pick an argument with anybody. Everybody open your ears and open your eyes. That's all I have to say thank you all. God bless america
The Chiid Tax Credit was in JB's 2021 Rescue Plan, and cut child poverty in half
--- it helped the working Ppl
Thank You Congress for everything!
Yeah they did already for illegal foreigners
No. You had the kids you pay for them.
Please no.
If you cannot afford children, YOU SHOULD NOT HAVE CHILDREN, and Daddy State shouldn't intervene.
If you have nothing useful to add to discussion you should abstain.
but we made abortion illegal lol
@@Vallesoletano take your own advice.
@@michaelg8642 oh my. However will people not have children, then?
@@michaelg8642No sadly it’s still legal in many states
I support ALL tax credits and tax cuts. I trust PEOPLE and business with their money over the government
I just want to be reassured Ukraine has enough tanks
អរគុណដែលបានបង្ហាញមិនយល់
But first, a bill sending 100 billion dollars to Ukraine
Or you can just stop having kids you can’t pay for?
And what about parents who were once able to take care of their children without any assistance and were very well off but now they're not? Not every parent that needs assistance had a child when they couldn't afford to.
I should've added that your tax dollars also go toward the massive surge in immigration. Most of them came here with children and you don't mind caring for them but have resentment in your heart toward American children.
@@controlyourtemperjeez8220 I don’t want to take care of any child, hence why I have none. You’re saying things I never said in order to incite negative responses. You’re half the reason this country is going downhill.
@@controlyourtemperjeez8220 I agree with you, I know of a woman whose husband worked a corporate job paying over $200k, years ago that was a lot of money. His wife stayed at home, they had 6 kids, a dog, a nice home. The dad died in a car accident. That woman’s hair turned gray so fast. Her friends tried to help her but they could only do so much and some started ignoring her calls after a while. Government’s help was the only thing that kept her and her kids from living in the streets. They received section-8 housing, food stamps, and medicaid for the kids. Now her kids are older, the eldest went to college and works a corporate job like his dad. He pays a lot in taxes. Another one went to the military.
Don't get your hope up..
Yeah great idea, encourage more kids - need to save Social Security like illegal immigration is doing. No one ever suggests to make it a credit for joint returns only.
WHY as a person with no children need to support those that have children? I'm taxed constantly for other people's children, Federal, State, and Local. If you decide to have children that should be on you, not me. Where's my "tax credits" for not being a burden on society? 😤
They’re up my a__ ! If you knew how expensive kids are you would say Thank God ! But I think your so mean I can see why you don’t have kids ! 😂😂😂
Which children are burdens? The ones who's parent died and are now being raised by an aunt or grandparent? The ones who were born with a very costly medical condition? The ones who's parents used to make more money but fell on hard times? The ones who's mother was taken advantage of but she chose to become a mother? The ones who's fathers abandoned the mother? The single fathers who chose to step up when the mother walked out? The immigrants who's parents wanted what America has to offer? The young married couple who thought they'd be able to afford a family until the economy went to hell? Why do you want to punish kids so badly?
Biden is getting desperate.
So they will give you back less than they took from you and I expect to Biden vote in return ha ha ha ha ha
This is exactly opposite of what should happen. You should have to pay more taxes per child. You are adding burden to the system. There’s no reason my property tax should go up 200% in a year and pay $1400 a year for school for your kids then you get the tax break.
This is amazing how they are arguing about how much of my money they want to give back to me. Trump 2024.
So if they are “giving” us something, what did they take??
Don’t forget to claim Ukraine and Israel on y’all tax returns as independents 🤣😂😅
Sleevery parent and kids will grow pay all money get parent 🤣❤🤣🤣🤣
🤣🤣🤣
False news
No body that doesn't work deserves this tax credit. So sick of being taxed into submission, and getting a crappy tax return while people didn't work a lick get huge refunds
What about a parent that is disabled or lost their job recently? They are still responsible for keeping their children alive. Not everyone who does not work fits in a mold
@@shanac5536 did you pay the money in? If you didn't I don't think you should. I'm not trying to be an ass, but us working people get ripped off out of our money. I would like to have a comfortable life too, but the government won't let me
@@shanac5536Look for a new job
I don't get it. Why are people given tax credits for children? Who owns these children?
Yes! We NEED more people to pay entitlements! Yes! 100,000%!!
vote out the progressives.
If parents depend on government assistance to raise their kids, then maybe they were too financially poor to be parents in the first place. People in poverty, stop having kids!!! They shouldn't deserve to have a childhood in misery, don't give them that suffering. Plus it'll be a step in the right direction to solve poverty instead of passing down the problem to another generation
How about you find these people jobs so they can be like the rest of us and take care of themselves. I don't want to work to pay for my family and theirs. Having a job can fix all problems. Leave the working alone. Not our responsibility to take care of the lazy.
Trump