Sperling On Child Tax Credit Rollout: What's Happening Is 'Historic' 1

Sperling On Child Tax Credit Rollout: What’s Happening Is ‘Historic’

 

President Biden's American Rescue Plan Coordinator Gene Sperling joined Stephanie Ruhle to discuss the new child tax credit aimed at eliminating child poverty hitting bank accounts across the country today. He also responds to whether the benefit could become permanent and says the administration "is truly delivering … for the American people."

» Subscribe to MSNBC:

About: MSNBC is the premier destination for in-depth analysis of daily headlines, insightful political commentary and informed perspectives. Reaching more than 95 million households worldwide, MSNBC offers a full schedule of live news coverage, political opinions and award-winning documentary programming — 24 hours a day, 7 days a week.

Connect with MSNBC Online
Visit msnbc.com:
Subscribe to MSNBC Newsletter: MSNBC.com/NewslettersYouTube
Find MSNBC on Facebook:
Follow MSNBC on Twitter:
Follow MSNBC on Instagram:

Sperling On Child Tax Credit Rollout: What's Happening Is 'Historic'

55 comments

    1. Honestly it’s no different then adjusting your paycheck tax withholdings to pull out less. You will still have the same tax liability at the end of the year. Which is fine if you have your paycheck withholdings dialed in where you would end up with a refund amounting to the credit at the end of the year, if not you may find yourself owing the irs at the end of the year same as you would if you had nothing pulled from your paycheck.

  1. Warm up the money machine folks… here comes inflation, increased cost of consumer goods and economic ruin! *AwEsOmE!*

  2. I would be all in for working parents to have assistance with daycare but since my wife works in public daycare I speak from a position of merit. At least half of their parents DO NOT WORK and drop their kids off at 6:30 am and pick them up at 6:30 pm. People see this for what it is but are afraid to say it. The buying of votes to keep certain people in power at the expense of taxpayers is going to be the hard sell. The big question, how do Americans pay for this? Taxing the rich is plain fiction. This will not happen without a complete overhaul of the of the tax laws and that would require congress to pass and that will not happen. It will land in the laps of the WORkING class, not the middle class.

    1. Typically a remark of an American. In the Netherlands we had child tax credit since 1945. My parent had it, we had it and my sons have it for their children. My mother did not work, my wife did not work and the wives of my son only work part-time. It is paid from the tax and that is easy, our rich people also pay tax and we don’t spend a ridiculous amount of money on “toys for the boys”.

  3. What about the father’s paying child support every week. Father’s get screwed over at tax time while mother’s are given thousands of dollars. Now they are given monthly payments from the government while fathers are paying them every week. How is this even possible?

    1. @Green Giant Herein is the “real” problem. Americans leave public high school with no understanding of finance and the tax system. Thats why you have the student loan debt problem. I work in the area of tax. Many of the problems with owing taxes come simply from not understanding how the tax system works.
      As I read many of the responses, its very evident lots of people have no idea what the “f” they are talking about.

    2. @warpedjaffas1 Uh… if you don’t play the game, you don’t get to make the rules.

      Family courts will tell you that child support payments and child visitation are 2 separate matters. The family court system finances itself from the millions of dollars it collects from court hearings.

    3. @bromack3 Yeah they definitely should take child support out before taxes for sure. And the family courts make more money from dividing families instead of bring them together. I don’t even get to claim child support on my income taxes but it’s the biggest deduction from my pay check. Wtf

    4. @Green Giant Actually, child support is socialist idea that basically says the father of record will pay for his said child.

      Under socialism everyone is considered a ward of the state. The mother can move around and birth as many kids as she wants and the only requirement is she report the fathers ID number. There is no judgement placed on her decisions. Having children benefits the state so the state wins. Love and marriage is not required.

      At the end of the day, this whole scenario is anti-two parent family.

    5. @bromack3 Yeah your right about that. The State is always the big winner in every child support case. I only hear from my case worker when I get behind on child support or to see if I am making any more money that they can take. Family courts are the only ones that haven’t been reformed and they need to be reformed the most

  4. om g are you kidding me. people are having kids when they dont make enough money to file taxes. really omg.

  5. Great. And of course the parents are going to spend every penny on the kids. Wait, but what about the cruise and the new car they have been thinking about.
    This is an extremely irresponsible way doing good. Not that don’t spend the money on kids but don’t waste money. There are many other more effective ways but unfortunately the politicians don’t want to work too hard. This is the easiest way and may be buy votes as well.

    1. This child tax credit is being said by the IRS as an “advance” on the tax credit. It is already part of the annual tax filing. I can bet a lot of these recipients are going to “owe” money to the IRS next year.

    2. Child tax credits have a long established history in taxes. If you qualify to get it, you would be getting at the end of the year anyway, it doesn’t change your tax liability one penny. It’s literally no different then adjusting your payroll withholdings to see more money on your paycheck, you’ll still pay the same amount at the end of the year.

      Honestly, both sides of the political fence are blowing this way out of proportion.

    3. @bromack3 The child tax credit is not a loan from the IRS. No taxpayer will pay additional taxes at tax time or have to pay back these payments.
      It would be a good idea for people to get their facts straight before spread false rumors.

  6. I see many people claiming that Americans are simply getting their tax dollars back,… but MANY of the people receiving these credits pay ZERO in federal income tax,.. and in fact get back more than they pay in.

    1. True. Many of the rich and corporations pay ZERO in federal income tax, and in fact, get back more than they pay in.

  7. Trump does tax cuts, the right praises him.
    President Biden does tax cuts, the right complains and says this is wrong and terrible that hes helping families.

    1. Its my understanding this is an “advance” on the child tax “credit.” You normally get the credit when you file your tax return. Most filers use the credit on the filed tax return to offset against any tax due.

    2. @bromack3 that’s the funny thing. It’s not a new tax credit, it’s just giving it spread out instead of when you file your taxes. One thing people should be cautious about is if they normally don’t have a refund at the end of the year (Ie they under paid through the year and owed taxes) they may find themselves owing more… but they are still paying the same amount of taxes it’s just the credit is happening now instead of end of year.

    3. Biden supporters are always so confused. They should wear helmets..for everyone else’s safety

  8. Child tax credit historic? LOL LOL
    In the Netherlands I had it in the 70/80ties for my 2 children and my parents had it in the 40/50/60ties for their 4 children.

    1. LoL judging from the comments both sides of the political line in the sand are over blowing what this is…. One acts like it’s a tax cut long overdue the other acts like it’s welfare we can’t afford, when in reality you will have the same tax burden at the end of the year and the credit your getting, aka a refund that most families get after applying the child tax credit, is being paid monthly so you have it spread out instead of when taxes are due.

  9. For those of you agaisnt this credit, do you advocate getting rid of social security benefits for elders who don’t use them responsibly? Do you advocate against Medicare if it’s bring misused by redundant treatments? You don’t? Then admit you dislike poor people and don’t want them to get any assistance.

    1. @gmailuser 2020 tax credit was the same amount. The only change was when families get it. The credit amount fluctuates year to year and is passed in reconciliation bills every year.

    2. @gmailuser and the last 55 years of child tax credits were one time deals… the credit is and has always been set every year during reconciliation, the “gov budget”. The only difference is when and how it’s applied. I’m not sure why this is so difficult for people to understand, one side makes it sound like it’s
      The best thing ever the other makes it sound like it’s a horrible welfare program we can’t afford. When at the end of the day, your tax liability will be the same.

    3. @Andy Smitty no. There has never been a child credit like this one. Now they are trying to make it permanent. It is a really bad idea but so are most that one out of Washington.

    4. @gmailuser good grief man, there has been a child tax credit every year for the last 75 years. As for its current value, in 2010 it was 1000$, 2019 it was 2000, under Trump it increased to 3000 for 2020 year. The only difference between 2020’s child tax credit and 2021 is they are paying it out to families monthly. If you make the same amount this year as you did last year, your overall tax burden will be the same. If you got a 3000$ refund last tax year, and you receive 3000$ from this tax credit, you will have no refund next year, aka your tax burden will be the same. FYI, Trump tried for a 4000$ tax credit for families with children permanently with the last tax overhaul, it was actually the senate under mitch that changed it to 1400 per child from the previous years 1600. To be bumped up to 1600$ 2017, 1900$ 2018 and 2000$ 2019 and 3000$ 2020. All of a sudden it’s a bad idea for it to happen in 2021 under Biden? Wtf is wrong with you? Again, everyone receiving this will still have the same tax burden as prior years. Course, I’m sure your fine with the corporate tax breaks that came of the 2016 tax bill. Knock off the hypocrisy over political division just to be political.

    1. Like Margaret Thatcher said, Socialism is only good so far as you have someone else to pay for it. There is a price to pay for doing the right things such as getting a good education and job, waiting till marriage before you have kids etc. Its called higher taxes.
      Lets face facts, government entitlement programs is a good way to finance an easy life. Thats why the democrats push so hard for these programs. They know that once you get on a program, then you will always continue to vote for democrats or you will risk losing your benefits.

  10. Wait until tax time when all these people complain they aren’t getting back what they got back last year…and some will owe

  11. Overall, I think majority of poor republicans voters don’t think the poor deserved it. Deserved? Like the founding fathers deserved the land from the native? It’s about power and fighting for your survival. We’re not pushing the rich like communism, we just want the basics.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.