If Congress Offers You This Tax Advance, Beware

Sometimes economists suggest things that make sense in theory, but don't work in the real world. Take the child tax credit, which has been getting a lot of attention lately as lawmakers argue over how to expand its benefits in the pandemic-relief bill.

Congress is poised to offer families some of their credit payments in periodic advance checks instead of making them wait for their once-a-year tax refunds. The idea is to ease Covid-related economic pain and give the economy a boost. The reality? It could easily backfire.