By KEVIN CORINTH | NATIONAL REVIEW
When Americans file their taxes in the coming weeks, one group will be singled out for a tax hike: middle-class families with children. This April, a family with three children making at least $42,000 will pay about $950 more in (inflation-adjusted) federal income taxes than they paid in 2018 — when the Tax Cuts and Jobs Act went into effect. But what’s to blame? Historically high inflation that has eroded the real value of the child tax credit in recent years.
Think about it this way. Parents whose wages are just barely keeping up with inflation, who are raising three kids on $75,000 per year (the median U.S. household income), will be asked to kick in almost $1,000 more to the federal government than they paid six years ago — at the same time that adults without children will face no tax increase at all.
What’s worse is that for every additional kid you have, your tax hike will be about $300 higher.
Historically high inflation has eroded the real value of the child tax credit in recent years.
Just wait until everyone realizes the dollar has no inherent value and it can be endlessly printed.
I am so surprised at how many do not understand this already! This is why we are still in this lingering mess.
And they will print more. The federal reserve has to go.
In 1964 LBJ took bullion out of US coins. That is the origin of debasement. Just one of his many actions leading up to the dysfunction we face today. People thinking Joe Biden the worst president have not studied LBJ. Fortunately Biden is just demented and incompetent, not nefarious.
Nixon took the USA off the gold standard. It was all part of what is known as the “Nixon Shock”.
Not disagreeing. FDR outlawed gold ownership. The uniparty goes way back in our economic destruction. Zimbabwe is returning to the gold standard now.
You will have nothing and like it.
i.e. Trickle Down Economics in a nutshell. The rich get richer, and you get trickled on!
I hope the costs go way up.
This every day bad news and where it looks like we are going (serfs and kings) I want to see if the serfs want to be taxed ruled and told what to say or be free.
We need to shock the non voters and wake up the masses by higher costs on everything let’s break the mold.
Creep Communism takes over slowly, until the Democrats become over-empowered…….then it goes full-throttle.
Yeah, and 80,000 more IRS enforcers, too. Good thing ‘Uncle Joe’ looks out for the middle class. I am just soooo happy not to hear about those mean tweets.
So what you’re saying is, the Tax Cuts and Jobs Act…no longer helps middle class Americans? I wonder if those tax cuts for the rich are still in effect.
This isn’t a Biden thing, this is a badly written legislation thing.
Middle class with kids. Kids- Biden likes to sniff their hair and shower with them. Those are Biden things.
So if you find those things objectionable (proven or not proven as they may be), do you hold Trump to the same standard of behavior and evidence of misbehavior?
If the standard of crimes and prosecution (not that there ever will be any) is the same. Only in your La-La Land do two wrongs make a right.
I certainly find sexual abuse of a minor objectionable.
This has nothing to do with the way Legislation was written this has everything to do with your dollar being just about worthless because of the high inflation caused by the overspending Federal Government. Lay the blame where it belongs with the Tax and Spend Democrats and RINOS. Spending has tried to be reeled in but continues to go up when the tax dollars coming in is going down. The Feds need to go back and cut spending at the federal level by half or more. I can tell you there is several Departments I would cut completely starting with the Department of Education and substantially reduced DOJ, and Department of Interior.
Let’s be honest, the child tax credit is a substandard allowance for the basic living costs of an individual. It does have the benefit of being a credit so you can get paid by the government, but it is ~1/7 of the standard deduction. The fairest way for the government to not be an excessive burden to citizens per individual is to have only one standard deduction and each household can claim one for each person within that filing group. Doing this also keeps those who won’t earn from being a cost to those who do. The left doesn’t really want to help citizens though it just wants them dependent on the government.
These ARE those tax cuts “for the rich”, lol, look at the dates for fcks sakes. They were never “for the rich”, they were for the middle class, and they were set to expire after 5 years, giving the current administration the option to continue them or now, they choose not. The ignorance of the left is endless.
In a perfect world, having a third, fourth, fifth child and so forth would be a taxable event. America is overpopulated.
In a perfect world folks with your mindset wouldn’t exist.
They do love their cult of death.
The fool breezes past the great depopulation happen across the world. Many countries are below 2.1 replacement rate.
What part of ‘equal justice for all’ do you not comprehend? Let’s start with the undesirables.
The Nazis targeted people as members of the following groups (listed in alphabetical order for ease of reference):
Black people in Germany;
civilians (non-Jewish) accused of disobedience, resistance, or partisan activity;
gay men, bisexual men, and other men accused of homosexuality in Germany;
Jehovah’s Witnesses;
people with disabilities;
Poles;
political opponents and dissenters in Germany;
Roma and other people derogatorily labeled as “Gypsies”;
social outsiders in Germany derogatorily labeled as “asocials” or “professional criminals”; and
Soviet Prisoners of War.
Nazi Germany dehumanized and devalued entire groups of people on the basis of Nazi ideology. Ideology is a set of beliefs about how the world operates. Nazi ideology was racist, antisemitic, and ultra-nationalist. It drew on a number of existing concepts. These concepts included racism, nationalism, antisemitism, anticommunism, antigypsyism, and eugenics. The Nazis combined these concepts and took them to destructive, murderous extremes…Holocaust Encyclopedia from The Holocaust Memorial Museum
Kind of like the democrat party of late. Let’s demonize, let’s prosecute, let’s propagandize, let’s use lawfare to the maximum extent against anyone who dares to oppose the party doctrine. Who knows where this doctrine could end? It’s not like we will persecute them if they don’t comply; not like we will force them to carry a compliance card for entry into stores; not like we will limit their travel or jobs if they fail to comply.
I’m working on child number 16. America has plenty of room for productive Americans.
And yet, you still have not personally done anything to correct that!!
It’s always amusing that over-population zealots like yourself, Bill Gates, Klaus Schwab – even Paul Ehrlich of 70s fame – never consider leading by example and reduce the population threat by ONE. What will it be, Paola?
Wow, and how do you feel about the 10’s of millions of undocumented and amnestied individuals being added to the population each year? Not to mention they are typically getting amnesty to “pursue a better future” which is just code for poor and unskilled. You know, the people most likely to build large families subsidized by the government.
Ther are many individuals who grew up as the only child who are a large burden on the population financially and there are a large number of individuals who are from 4+ households who a net benefit to the population. Your basic tenent in this conversation is invalid relative to the premise of the article.
That said, every citizen should be treated equally by society and government, and that means every citizen should receive the same allowance against government burden regardless of age, family standing, political affluence, etc. the child tax credit is not a fair allotment relative to the standard deduction.
Oh, and by the way, capitalism only works if the money supply grows continually and you need population growth perpetually to maintain demand and growth.
Just wait until that MOA Property Tax bill arrives (soon)!
This annual bill continues to increase year-over-year.
But, services and performance continue to decline!
Typical democrat response. Population is crashing (we’re not making enough babies) and their solution is to make it harder for young families. No wonder they’ve erased the southern border. Biggest problem with that is that they are letting in mostly military age men. Cheers –
And still push for abortions!! Sort of what China did years ago, then realized they made a big mistake 20 years down the line and no younger generation to take care of them or take on the workload of running an economy. Why they needed Covid. To kill off an older generation because they couldn’t afford to take care of them and they did not have enough younger people to assist. We have actually done the same thing. However, we used non-legal immigration to assist with our losses now and in the future. Why were illegal immigrants not required to take “take the shorts” if Covid was so bad or to even be let into this country? Probably so they wouldn’t die of mysterious circumstances or have reproduction problems later in life.
Oh, I heard Biden say he was only taxing billionaires!
In 2025 Trumps 2018 Income Tax cuts will expire, corporate tax cuts will remain in place.
Corporate tax cuts are anti inflationary..
Oh “Frank”…
So why doesn’t your hero Biden do something about it?
The promised increase of IRS employees is beginning to unfold. They’re picking low hanging fruit, as we plebes don’t have tax attorneys to shield us from what’s to come. Remember when congresswoman Elizabeth Warren railed against millionaires with Bernie Sanders? Did you notice that, once they became millionaires, they shifted their focus to those filthy billionaires? My personal beef is continuing to pay federal taxes while illegals are being given the red carpet at the border: iPhones, WIC cards, hotel vouchers, and flights to wherever they want to go while we live under penalty of late fees, penalties, property seizure…etc if we’re tardy with our taxes or cannot afford to pay them. Welcome to the Twilight Zone.
Do we still have a representative form of government? Prove it, Timmie!