What an expansion of the Child Tax Credit could mean for parents

In today's MoneyWatch, a potential game-changer for parents: Congress is considering a significant expansion of the child tax credit, which could mean increased savings or larger tax refunds for families. CBS News business analyst Jill Schlesinger has more.
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[@katieulrich8445]

These people are so out of touch!They have no idea how expensive everything is in today’s world! $680 will help for maybe a month or two. Yet they seem to think it’s the best will help all year long or something!!

[@babyigotchomoney]

idk what state you living in but 680 is good for two weeks max where I’m at

[@kay-collins]

Right!! Just like Biden said that little $600 stimulus SHOULD LAST AMERICANS FOUR MONTHS!!! That’s what he spends on DINNER!! Why do people keep voting for these fools!?!

[@sethskullsberg7787]

Tons of people relying on an extra $200 to their tax return are getting the news about it from people who spent $200 on a pair socks. On top of that, the other part of the bill is cutting taxes for large corporations that will get millions of $$$, not $200 extra

[@golden3154]

Preach!!!

[@KB-ke3fi]

On top of that free money to millions of illegal immigrants will get billons of dollars of free stuff American citizens won't ever get by working for it.

[@StofleTheBadger]

So that’s what the bill is really about thank you ;)

[@Jams90.]

What a joke. Let’s give every child $200 more this year. WOW. Thats a game changer. Make it 3000 or 3600 again. Absolutely shameful. Corporations get 40 billion and we get $200. I’d rather the corporations not get anything and I get nothing. It’s basically like we’re getting nothing. Horrible.

[@ZeginMakesMusic]

Without corporations getting tax benefits, We literally wouldn't have electricity or running water. We wouldn't have a new thing to buy every year. Stop being a consumer. That's the only way you'll get to keep your money.

[@Jams90.]

@@ZeginMakesMusic obviously wrong. Capitalism doesn’t exist anymore. If they’re good they’ll survive and if they’re not they won’t. Stop giving handouts altogether or give everyone equal handouts.

[@acer4237]

Corporations = employment….no job no money no tax credit

[@KB-ke3fi]

Corporations are folding up because of Biden. Be careful what you wish for. Or you may not get food.

[@chiplangowski3298]

Corporation get a break on home much they PAY. The child tax credit is a direct payment even if you pay nothing in taxes. Nobody should get more back than they pay.

[@2011Savere]

So congress still trying to decide if they should pass this for Americans paying taxes as people are doing their taxes now??? Yet they know right away to help migrants and illegals. Something is definitely wrong with America.

[@xlightfootx]

that's democrats and democrats policy's

[@eavymuturuh3717]

@@xlightfootxboth parties.

[@chinomar1]

Immigrants pay taxes, they always had, yet most of them don’t claim any.

[@thegraffitiplayground1325]

America last baby

[@christianwoman44]

House passed it the other day, now it's on to the Senate

[@Abaddon231]

They are claiming this is gonna bring American children out of poverty?! That's hilarious.. It's not even a rough money to buy the kids new coats or school clothes ..

[@DRockafeller]

Imagine them working to get something done for the American hard worker ..... Dont hold your breath

[@justmyownpersonalopinion]

Only corporations won who are we kidding

[@KB-ke3fi]

They are taking the biggest hits in Bidenomics. They have costs too.

[@waydewilson4457]

This child tax credit is pathetic. I took my w2 to turbo tax calculator and plugged in the numbers. With the predicted CTC I will only get an extra $200 for THREE kids. That is $66/child.

[@MyCatsChannel841]

Extactly and there acting like it’s thousands it’s not

[@EverythingWithNikRich]

Smh this is crazy

[@moebaby4143]

Turbo tax you don’t really get credit

[@jimmyjameslee7189]

try being a childless adult and getting nothing

[@icycici6191]

You need to file with H&R Block. I get a better return as a parent with them.

[@JMcMac4t]

And the money instantly goes back into the local economy…

[@feefee2]

So if the proposal is saying the tax credit will b raised each ye with inflation, are they expecting inflation to continue worsening in 2024 and 25? 😬😭

[@dred_pyrate_obrey8789]

They are ensuring it does

[@dtsang508]

Making such a big deal over an additional $100 tax credit. Whoopty freaking doo...

[@007diego2]

200$

[@eavymuturuh3717]

@@007diego2😂

[@Shamus71]

Big deal $680. We spend that much in formula, diapers .. ect in 2 months.

[@darkgalaxy5548]

A good argument for why the poor shouldn't make babies.

[@SherryKeenan-om7eh]

I want to know why a child of 17 isn't covered on CTC. You are not considered an adult until 18. You're still a child at 17.

[@livefreevinnie]

What about people who does not have kids? When do I get tax credit? Why does the government give free money to parents who can’t afford their children? If you can’t afford kids, do not have them.

[@dcr8983]

Exactly!!!!

[@luciarivera-sanchez2642]

It’s not that we can’t afford them but the world we live in keeps making it harder on us with the inflammation what are you talking bout

[@Johngoodman454]

What if you filed already? I mean? No one said nothing about this

[@eavymuturuh3717]

Exactly purposely done.

[@ElTee519]

Separate check will be sent out

[@erikmorales8688]

ACTUALLY they do talk about it you need to keep up with this. Don’t expect people to inform you of everything.

[@Issac_G]

Right you will not have to file amendment , they will fix it and send a check

[@sidneya.4330]

Throwing some slick shade at Gayle on air 🫤

[@relaxinglivesounds8973]

This Child Tax Credit is BS. So Married filed separately, gets nothing. This is some BS. So Married people only got 1 choice is the file jointly in order to get this credit. Some BS

[@rigil5477]

The Chid Tax Credit is cash welfare but only for married couples with children and single mothers. People without children are disqualified. When Clinton limited cash welfare to five years in the 1996 Welfare To Work Act it was rebranded afterwards as the Child Tax Credit. It goes by different names but result is the same - cash welfare only for people with children. Now the program is being renegotiated in Congress. Americans still have no safety-net for basic cash welfare and food benefits for everybody. To get people to "go back to work" Congress can either reduce the federal poverty threshold (currently $15,000 per year) or dismiss the annual increase in funding. Under no circumstances should the program be "cut" or put under "work requirements." (January 25, 2024. CBS Mornings) 🇺🇸 @00:15

[@woodmandawson1416]

No good for those who have children in college at age 21.

[@zayzay2527]

My kids eat 2000 in a month

[@reneelovejoy5302]

Yeah a lot of us caught the slick shade that was thrown at Gayle😩🤦🏽‍♀️😡

[@mynamesjeff1814]

Terrible idea.. it’s 38 billion for cooperations, 38 billion for taxpayers. I rather have nothing. 76 billion wasted.

[@rdavian]

I don't usually vote because I think that voting does not matter, but this time around I'm a vote for Trump because this s***'s got an end

[@barbieken6752]

All by design…. Increasing the CTC… to put us further into debt & increase inflation….😩

[@missb6064]

What if I already filed? 😢

[@glasscannon4723]

Youll be fine you didnt miss much tbh

[@murdoch3396]

Why should people who don’t pay tax get anything? I hate how all my tax money is given to welfare recipients and Israel.

[@elwafi2001]

$600 extra 😢 that is it folks everyone is going to be rich 😂

[@PichisnPep]

I was going to file taxes before this news😂 do we have a choice?

[@ZeginMakesMusic]

The date you file is irrelevant

[@sb8404]

I vote NO

[@sb8404]

The rich gets richer

[@yolandalcheek462]

Only 200 more child tax credit 1600 now, i just did my taxes and i have a 12 year old so i don't know where they get 2000 from. Unless younger kids below 12 get it, their parents rather. EIC was $3900 i think

[@grinch45]

Free Stuff Army Captain Development traininh is what I call this. All the people I know call me stupid when I am not aware of all the free stuff.

[@darkgalaxy5548]

Parents should be taxed more. Why should the rest of us subsidize other people's children?

[@FJoeBrainDeadBiden]

It means literally nothing. It is only for the absolute poorest familes in the U.S. If you have a stay at home wife with 2-3 kids.. And you only made 68k last year. You're crap out of luck folks, even though you're also struggling apparently 68k a year for 2 kids and a stay at home wife is just too rich. LOL

[@jasons5654]

Exactly , if your kids have aged out and/or you make over 60k as a couple you can't get earned income credit, I have several guys that make as much as I do with several kids that have been talking how much they are getting back , one guy and his wife (she only worked about 8 months) work at the same company and they are getting back 6k even with them making more than the threshold for the EIC credit and another is getting back almost 12k , WE MAKE around 50k a year , mean while my wife is disabled so because we file together we get to pay taxes on her disability and which means the government kept 4k of the 6k I paid in in just federal taxes last year.

[@xlightfootx]

big whoopie doo doo 600 bucks

[@mOOOp42]

This is great! Now more children will be born in fatherless homes. Some, not all, women literally depend on handouts like this to never work a day in their life. They will just keep having baby daddy's retaining child support and welfare, while looking out for the next deal such as this. This is a wild way to raise the declining birth rate in the US.

[@jimmyjameslee7189]

yep me and my childless adult friends are fed up were all signing up for disability this is getting disgusting just because we are responsible and cant afford kids we get a kick in the nuts

[@maleekajones5893]

You have to work and have a w2 to claim a child on your taxes. Unless someone else claims them and gives you the money. I don’t believe anyone would want to live in poverty if they didn’t have to.

[@AlejandroRamirez-le2vv]

This is a hand out to corporations labelled as child tax credit. Do you really think $200 dollars a year will actually help a single mother?

[@Bigmoney4life]

@@maleekajones5893 you don’t have to work long I know a lady that works one month out of the year and she claims her four kids every year

[@Bigmoney4life]

@@jimmyjameslee7189 exactly they just making it harder for the responsible people with no kids

[@Ms.FullPotential]

Wow Jill you called Gail King an “aggressive person”, your so mad smh

[@aviaforrester1481]

out of state Ex: Massachusetts.

[@jean9421]

Ya needed so much right now

[@user-eu5fi8oi4i]

Wat about the ssi ppl who don't work

[@lukastargaryen9598]

The SS and SSI got their COLA increase and SSI is state Taxes (FICA) which is not the same as someone who paid into the SS system.

[@eavymuturuh3717]

@@lukastargaryen9598nonfilers got it about 2 years ago.

[@xxkhalilxx0]

non custodial parents another L

[@jojuancarey1547]

Trash

[@A3Kr0n]

People should get a tax credit for NOT overpopulating the Earth.

[@dcr8983]

Definitely!!!

[@lendaryreviews]

😂😂😂yet they allow human smuggling 😂

[@user-xl2do9lh3l]

Does anyone know if we can claim the invasion of illegals and how many we can claim 🤔

[@JohnChong-wb7pw]

Stupid. Billions to Ukraine with a B! Maybe 13 to 16 million to FAMILIES WITH CHILDREN IN THE US. It might not go through. Money for U.S. own people only a fraction of what we're sending out.

[@BlackNAVYAmericanVET]

More money for Ukraine Border ❤

[@takeitezfker]

Don't forget to claim Israel and Ukraine as dependents on your return

[@smauglord8117]

Why only under 17 yrs old?

[@Socratic199]

Hey, kids are great and all. Old folks, too. Medicare and such. But, uh.. how about some love for us hard working single dudes, can't afford life? I don't know if anyone's noticed the correlation between desparation and violence, but it seems pretty clear who's doing the majority of "snapping." Single working age men. It's not the most popular topic, sure. Who cares, right? But, I think that might be the issue. Can we pay ANY attention to how we're doing? What do we need? What are the challenges making life so hard to afford? I feel like there's alot of us, and we get no kind of play. Might be why trump's getting so much love from them. Should maybe take a look at that? Maybe? .. Please?

[@andrewblah1113]

the 20k I spent on kids this year if I didnt have kids I'd still have that 20k

[@Socratic199]

@@andrewblah1113 Yeah. It's the missing extra 20k keeping me from having kids.. The subsidizing others life choices/stages while having mine actively ignored/dismissed is what I'm pointing a finger at. I don't have a labor union, social movement, political representation or even media air time, to make my case. They don't seem to value it. Which is their choice, of course. I'm not the forcing type. But, 20 years of angry war vets with IED training and living in tents by the thousands? That's not something that will stay quiet for much longer. That anger is manifesting itself in all kinds of ways. Getting more organized and targeted. That's a hard habit to break, after a while. Especially if the pay's that much better. I'm wondering if I'm not a fool for following the rules, myself.

[@andrewblah1113]

@Socratic199 our vets are not taken care of, and it's literally appalling. Joe Biden doesn't give a damn at all. He rather give all that money to illegals and kick vets out of hotels and homes before vets get a dim

[@raysully7571]

preach lol

[@tamlynn786]

Hmm. Well let’s see I’m a mom of 2 teenagers. I haven’t bought myself anything. I’m wearing the same clothes I did back then because all my money goes to afford a 3 bedroom apartment which I wouldn’t need if I was single. It goes to sports gear, school outings, registration fees, school clothes, school supplies, haircuts, food and much much more. None of which would be an expense if I was single. And any vacation time I have I use when they’re sick or taking them to the doctor or when they have a break from school. You don’t get a tax break but you don’t have the expenses that parents do.

[@lady2550]

More wasted dollars. Smh

[@lovejones1897]

It’s not wasted us working families take care of our kids and we deserve a break get mad at the wasted dollars on migrants and wars

[@lady2550]

@lovejones1897 it's wasted. Those are YOUR kids, why should MY tax dollars fund them? Same for public school. Tax breaks aren't breaks for others just for you.

[@lovejones1897]

@@lady2550 because I TAKE CARE OF MY KIDS AND HELP FUND OTHER PEOPLES KIDS AND YOUR ROADS AND BUILDINGS, and pour my HARD WORKING MONEY INTO THIS COUNTRY

[@lovejones1897]

@@lady2550 not our fault you can’t have any and you are mad everyone is getting a credit stop being so miserable and find God not grief

[@KB-2222]

​@@lovejones1897God has nothing to do with anything unless you use that a your crutch. You are your own person and determine your fate overall to be honest. Learn true history. God was made up and forced upon you whether you know it or not.