Fast Facts for August 24, 2021
If you qualify for the monthly child tax credit payment. You have another option in the IRS portal…but it may not be the one you actually want.
The new function available is the ability to change your address.
For those of you who want a paper check or have changed your address since your tax return was processed, this function may be very helpful. To access it…just log in to your account on the child tax credit portal on irs.gov and it’ll be there – along with the options to opt-out of the monthly child tax credit payments and the option to add your banking information.
I know lots of you want to change the number of qualified children, change your income amount or your marital status – but the IRS will only say those functions will be available “later this year.”
There is another deadline coming up. If you want to opt out, change your bank information or change your address and you want it to apply for the September 15th payment, you have until next Tuesday – August 31st to do so.
More info from the IRS here.
PLUS
The House of Representatives voted straight along party lines today to take another step towards passing both the $3.5 trillion “human infrastructure” and the $1.2 trillion bipartisan traditional infrastructure packages.
But we’re verrrrry far from the finish line.
So what now?
The House and the Senate are both on recess. Shocking…I know.
Starting the first week in September the House and Senate committee leaders will begin marking up the $3.5 trillion newly approved budget resolution – basically they’ll start figuring out specifically how all that money is going to be spent, on which programs and write the budget reconciliation bill. We know the president’s proposal includes too many programs to list in a 3-minute video but some of the biggest – expanding Medicare, combatting climate change, extending the monthly child tax credit and it also paves the way for universal pre-k and it addresses “lawful permanent status for qualified immigrants.” That bill text must be completed by September 15th.
The house and senate return from recess on September 20th. The $1.2 trillion bipartisan infrastructure plan will go up for a vote by September 27. So somewhere in those seven days – they have to take up the budget reconciliation that includes the $3.5 trillion “human infrastructure” plan.
We know democrats are going to have to use that budget reconciliation political maneuver to pass this “human infrastructure” bill with only Democrat votes because there’s zero Republican support for it. But Republicans aren’t the only ones with concerns. Some moderate Democrats do too. Because of that, political experts believe the final “human infrastructure” package will be smaller than it is right now.
