Biden’s Child Tax Credit Backfires As Millions See Smaller IRS Refund, Owe More Money

Millions of Americans may have been unpleasantly surprised to find smaller tax refunds, or even learn they owe Uncle Sam this year, and one taxpayer advocate group says President Joe Biden’s child tax credit program is to blame.

On Tuesday, Just the News reported that the National Taxpayer Advocate released its annual Congressional report, noting that the federal program has helped create millions of backlogged tax returns at the IRS.

“To add complexity, when taxpayers file their 2021 tax returns, millions who received Advance Child Tax Credit (AdvCTC) payments will have to reconcile the monthly advanced payments they received with the amounts for which they are eligible,” the report said.

Making matters worse, Americans who did not receive their third round of stimulus payments also had to claim those missing payments on their returns.

“Similarly, eligible taxpayers who did not receive some or all of the third round of stimulus payments, as authorized by the American Rescue Plan Act, will have to claim them as credits on their returns,” the report continued. – READ MORE