U.S. Sen. Michael Bennet was really counting on those monthly bribe payments called the Advance Child Tax Credit to poor parents who made less than $150,000 a year to help him get reelected next year.
It’s a legit tax credit that’s been around since 1997, which allows qualifying, taxpaying parents to subtract up to $1,800 a year on what they owe the federal government in taxes.
Bennet’s bright idea he got passed on a temporary basis only for this year was to instead dole out the money to all parents, whether they paid taxes or not, in monthly installments of what they would pay if they paid taxes.
Also known as welfare.
By giving parents who make $149,000 a year a couple extra hundred dollars a month, Bennet has been taking a victory lap claiming to have single handedly ended child poverty in just a few short months.
Then there’s the flip side:
This change makes a big difference in how much money a parent could receive. Under the traditional child tax credit, a single mother with two children above the age of 6 working full time at the minimum wage, earning $14,500 a year, would receive $1,800, or $900 per child, when they file their taxes. The size of the child tax credit increased as earnings rose. Now, under Biden’s expanded credit, that parent would receive $6,000 — $500 a month.
Such a monumental achievement as this should be made permanent, Bennet preached while continuing to claim credit.
Therefore, Bennet decided he would use his vast influence with the Democrat-controlled Congress and White House and make these payments permanent in Biden’s so-called Build Back Better scheme that has yet to pass.
Miraculously, Congress actually saw the scheme for what it was — a campaign ploy — and only agreed to let the payments last until Bennet’s reelection campaign next year. If it passes the Senate.
So for those of you wondering why Bennet suddenly stopped bragging about ending child poverty and the tax credit welfare payments on his social media accounts, these are the reasons why.
The other is a new study about the alleged benefits of Bennet’s welfare checks, which estimates it would cause 1.5 million people to drop out of the workforce.
Also of note, parents who made too much money or their child turned 18 during this period are just some of the reasons some people who have been getting the monthly checks, might have to actually pay the money back on April 15.
From the IRS:
Generally, the IRS uses information from previous tax returns to calculate a person’s estimate. If the total is greater than the child tax credit amount, they can claim on their 2021 tax return, they may have to repay the excess amount on their 2021 tax return. For example, if someone receives advance Child Tax Credit payments for two qualifying children claimed on their 2020 tax return, but they no longer have qualifying children in 2021, the advance payments they received are added to their 2021 income tax unless they qualify for repayment protection.
Bennet must have forgotten to mention all of that in the fine print of his campaign materials.