Posted on Dec 11, 2022
Americans Might Be in for a Tax 'Refund Shock' Next Year: Analyst
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Edited 2 y ago
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For example, the child tax credit is one benefit that will shrink when parents file their 2022 taxes. Normally, parents get about $2,000 for each of their children, but in 2021, the benefit increased to $3,600 for every child under 6 and $3,000 for minor children aged 6 and older.
Also, the Child and Dependent Care Credit that parents can use to pay for child care was boosted under the Biden administration-backed American Rescue Plan. That raised the credit up to $8,000 per family in 2021, or more than in previous years.
The IRS has already issued notices about potentially smaller tax refunds, noting in November that “taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no economic impact payments for 2022.”
Also, the Child and Dependent Care Credit that parents can use to pay for child care was boosted under the Biden administration-backed American Rescue Plan. That raised the credit up to $8,000 per family in 2021, or more than in previous years.
The IRS has already issued notices about potentially smaller tax refunds, noting in November that “taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no economic impact payments for 2022.”
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Sgt (Join to see)
The spiral down is widening and the scale of inflation will impact on the low and middleclass wage earners will be felt across the nation...imho...
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Lt Col Charlie Brown
You are absolutely right Kerry...it is the lower/middle class folks who make under 60K a year who will suffer most.
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With dems are in charge, refunds are always smaller. The dems got to redistribute income.
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