From WSJopinion: Converting the child tax credit into a universal basic income would discourage the work and advancement essential to escape poverty, writes The Editorial Board
Democrats are deciding what to keep or cut in their $5 trillion spending bill, and here is one proposal that Sen. Joe Manchin ought to excise: Converting the child tax credit into a universal basic income, which will discourage the work and advancement essential to escape poverty. New research this week suggests that the bill could drive more than one million workers from the labor force.
Democrats are offering a $3,600 allowance for children under age six and $3,000 for ages six through 17, extending through 2025 provisions passed earlier this year in a Covid relief bill. The allowance, previously $2,000, is “fully refundable” in 2021 to those who pay no income tax. Someone who earned $0 last year can receive $7,200 for two children under six—with part of it paid in monthly checks from the Internal Revenue Service.
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