Families Will Receive Stimulus Checks: a New Measure Offers Monthly Payments of $250-$350 for the Child Tax Credit!
Sen. Mitt Romney, R-Utah, has spent the last few months developing a new proposal to restore the enlarged child tax credit that Republicans are allegedly willing to support.
Though NBC News says that he has also spoken with Democrats about the concept.
The concept is called the Family Security Act, and according to a press release on Romney’s website, it “would establish a new national commitment to American families by transforming obsolete government laws into a monthly cash benefit of $350 for each infant and $250 for each school-aged kid.”
“American families are under increased financial hardship, which has been exacerbated by the COVID-19 epidemic, and marriage and birth rates are at an all-time low,” Romney stated.
“Additionally, we have not modified our family support system substantially in nearly three decades, and our shifting economy has left millions of families behind,” he continued. “Now is the moment to reaffirm our commitment to families and to assisting them in overcoming the obstacles they confront as they undertake the most important task any of us will ever do—raising our society’s children.
This idea provides a way to increased security for America’s families by merging several complex programmes into a single monthly cash benefit for them without increasing the deficit.”
In 2021, the American Rescue Plan not only rewarded millions of Americans with third-round stimulus checks valued up to $1,400, but also extended the child tax credit for families.
Child tax credits ranged in value from $3,000 to $3,600, depending on qualifying. Between July and December, parents earned $250 per month for children aged 6-17. They got $300 monthly payments for families with children under the age of five. The remaining $3,000 or $3,600 must be claimed by parents when they submit their 2021 taxes.
In 2021, the enhanced child tax credit was hailed as a huge achievement, rescuing some families from destitution. However, Romney’s proposal would significantly alter the tax law and impose job requirements. The law intends to eliminate programmes designed to assist low-income Americans.
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According to NBC News, Democrats may find it difficult to contemplate these adjustments. Romney is, however, allegedly in discussions with a number of Democrats, according to a top GOP staffer.
“I believe momentum is increasing, and there is more interest because people on the right want to do something,” the aide told NBC News. “I believe that those on the left are understanding that if they do not do it bipartisanly, it will not happen.”
“Several Democrats have shown a desire in working with me and have spoken with me,” Romney stated last Thursday.
The plan comes at a time when many Americans are wondering whether there will be any further stimulus checks in 2022.
The increased child tax credit was also included in Vice President Joe Biden’s Build Back Better Plan, which was introduced last autumn. Sen. Joe Manchin, however, suspended it owing to his concerns about inflation.