Some Thought Biden’s Advanced Child Tax Credit Was Just Free Money
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March 10, 2022
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March 11, 2022I’ve said before and I’ll say it again that I think the problems we face today are made worse by the fact that people fundamentally do not understand basic principles about the things we are dealing with, like science or economics.
As people are filing their taxes, some are getting quite a shock when they realize that their refund is much lower than they anticipated because they aren’t getting their child tax credit. They’re outraged! Until they realize…
It’s because they already received it. Remember those “stimulus” checks Biden sent people last year called an “advanced child tax credit?” You could opt in or defer, remember that? Yeah, apparently people literally thought that was just “free money.” But there’s no such thing. It was an advance. On your child tax credit. Which is why they called it an advanced child tax credit. That was the government giving back some of your money then instead of giving it back to you now. And because you got it then, you don’t get it now.
People really don’t understand basic economics. Or reading, apparently. It’s a big enough problem that there are a bunch of the following type of reminder and advertisement from various tax companies and government agencies, explaining this reality to people.
You must be honest your tax preparer about the amount you received for Child Tax Credit# and Stimulus last year because the IRS will deduct it from your refund. They gave you an ADVANCE! pic.twitter.com/AlNXLynmsz
— ValueTaxArizona (@ValueTaxArizona) March 10, 2022
On the one hand, I think the Biden Admin was so desperate for a “win” that they were willing to be a little disingenuous and misleading. Maybe more OK with people misunderstanding the reality.
On the other hand, all anybody really had to do was read. Read the fine print. Read the information. It was there, you just had to care to read it rather than just be psyched that the government was sending you money.
Yeah, sucks to learn the real life hard lessons about basic economics, like that nothing from the government is ever “free.”
Wait till they hear about who’s actually paying for all the “free” Covid vaccines and “free” Covid at-home tests…
