White house says could pay double monthly child tax credit payments in February

reuters ^ | 12/17/2021

[Svartalfiar]

Me too. Do the recipients eventually have to pay back the “double” part? I’ve not heard of a “child tax credit payment”. Must mean they’re sending out checks that are associated with the recipients’ tax situation.

Probably like the earned income credit, where some on the lowest tiers get more money back than they were taxed in the first place. Just a disguised welfare check.

It's the regular child tax credit that everyone gets if you make less than $400M (married jointly). Used to be maybe $700 or so, but Repubs and Dems have been boosting it nonstop so last year it was up to $2000 per kid. And now it's around $3000 per kid and $3600 if the kid is under six!

All these current payments being discussed are are advance payments, so the last six months will count AGAINST your child tax credit when you file 2021, as it's been partially paid to you. "Double payments" just mean they plan to advance pay out twice as much as they currently do, so six months of such payments will use up the entire credit for your 2022 taxes.

It's like if your boss gives you a $1200 bonus every end of year. But instead, this past year he took half of it, and gave part of it to you Jul-Dec ($100 a month), so instead your year-end bonus is only $600 now.
And now he plans to give you next year's bonus early also, at twice the rate, so you'll get $200 a month Jan-Jun, and ZERO bonus the rest of the year/end of year. (Until, of course, the Dems try to buy more votes and they keep the payments all year by doubling the current pretty-high child tax credit.)

[cymbeline]

“All these current payments being discussed are are advance payments,”

Uh oh. That might not have a happy ending for some. Glad to know it’s not an above-and-beyond giveaway.

[Dalberg-Acton]

Uncle Sam Sucker is very generous with our money.

[Svartalfiar]

Uh oh. That might not have a happy ending for some. Glad to know it’s not an above-and-beyond giveaway.

Well most people get a good amount of $$ back from it, so they'll still probably manage to get a refund.
But it is a giveaway, it's a refundable credit. You get a tax credit for having kids, and if the credit is more than your tax owed, you still get the full credit.