Hooked on Federal Checks
- BY Nick Stehle
Deposits of $948 hit my bank account on July 15 and Aug. 13. The money came from the Internal Revenue Service, but it isn’t a tax refund. I shouldn’t be getting this money at all.
My family is receiving the new Advance Child Tax Credit Payments, passed by Congress and signed into law by President Biden in March. Under this policy, I’m going to make more than $11,000 by the time I file my 2021 taxes. I “earned” this extra cash by having four children between 5 and 13.
The policy—which pays $300 a month for each child under 6 and $250 a month for each child between 6 and 17—is set to expire at year’s end, yet the Biden administration and congressional Democrats are pushing to make it permanent. If that happens, I’m looking at more than $10,000 a year for the next four years, then thousands more annually for nearly a decade after that.