Senator Mitt Romney of the United States of America has outlined a framework for increasing financial security for American families by consolidating existing policies and creating a single universal child benefit. This is referred to as the Family Security Act.
This new structure would provide families with a monthly cash reward of $350 for each infant and $250 for each school-aged child. The purpose of this bill is to provide a Republican-friendly version of the expanded Child Tax Credit that can win bipartisan support.
While there are some parallels to the Child Tax Credit, Romney’s policy is not a continuation of the tax credit program. Rather than that, this measure would pay a monthly child allowance to qualifying families.
This Program Would Be Subject to New Rules
The fantastic news is that this program will also be expanded to include a broader range of income levels. Single filers with incomes up to $200,000 per year would qualify, while joint filers with earnings up to $400,000 per year would qualify.
This is in stark contrast to the expanded Child Tax Credit payments, which had substantially lowed income restrictions.
- Social Security: When Will You Receive Your $1,657 Stimulus Payment ?
- Utah Provides Coronavirus Stimulus Checks: Salt Lake County Receives Additional Funding to Provide Rent Relief
- Update on Stimulus: These Groups Are Still Qualified in 2022. Latest News
However, under this idea, the maximum monthly allowance would be $1,250 per family, which means that larger families would not be compensated for each child in their household.
According to Romney, this proposal would reduce child poverty in America by up to a third.