Residents of the United States are experiencing the greatest inflation in 40 years, with rates rising to 7.9 percent as a result of the crisis between Russia and Ukraine. According to the AAA, petrol prices have risen to $5.80 a gallon in some parts of the United States.
To have hundreds of dollars arrive in your bank account each month at this vital time would be totally unreal.
As part of the new Family Security Act, which was introduced by Senator Mitt Romney of the United States, he offered just this.
According to this concept, American residents who have children under the age of six might get a monthly cash allowance of $350 per kid, while parents who have children between the ages of six and seventeen could receive $250 per child.
This plan will provide qualified families with a monthly child benefit that may appear similar to but is quite different from the Democrat-led Child Tax Credit. This is because, unlike the Democrat-led Child Tax Credit, this bill would not be an extension of the tax credit program, as is the case with the Child Tax Credit.
Eligibility to Receive Benefits Under the Family Security Act
There is a wider variety of income levels included in this scheme, and the allowance begins at $200,000 for single taxpayers and doubles for joint filers, reaching $400,000.
The sole disadvantage of this plan is that the maximum payout would be $1,250 per month per family, which is a significant amount. In order to prevent this from happening, bigger families will not be able to claim an allowance for each and every child in their family.
Mitt Romney believes that this proposal would reduce child poverty in America by one-third as a result of his efforts.