Have you noticed that your bills have gone up? It’s not just you, whenever I shop for groceries, I am shocked at the prices for every item. It would be really wonderful if we could receive hundreds of dollars during a time like this. Now, that’s precisely what Senator Mitt Romney is proposing. The Romney plan is called the Family Security Act.
Newsbreak report for each young child, families would receive a cash benefit of up to $350 a month under this new framework. For each school-aged child, families would get $250 a month.
It is important to note that Romney’s bill does not expand the Child Tax Credit program. Romney’s bill is actually different. Rather than expand the Child Tax Credit program, Romney’s bill provides a monthly child allowance to eligible families.
There Are Different Rules Under This Law
This program will also be available to a broader range of income brackets, so it will have a much broader reach. Meanwhile, similar to the current tax credit for children, Romney’s proposal would phase out benefits for the wealthiest parents. Precisely, these benefits would phase out for earnings of $200,000 for a single filer and $400,000 for a joint filer. (source)
There is a major difference between this and the enhanced Child Tax Credit payments, which had much lower income caps. A maximum allowance of $1,250 per family per month is available under this proposal. In that case, larger families might not be eligible to receive payments for all their children. Nonetheless, according to Romney, this program would reduce child poverty in America by up to one-third. (source)
What do you think of this proposal? Will it adequately help the poor? Or does it need reformulation?