Since the outbreak of the pandemic, Americans have received three stimulus checks, but they have not received another since early 2021, according to government data.
The new Child Tax Credit Act provides families with additional stimulus funds.
The first check, which was valued at $1,200, was issued in the spring of 2021.
The second check, which was issued in December 2020, was worth $600, and the last check, which was issued in March 2021, was worth $1,400.
In addition to receiving stimulus funds, many families with children were eligible for advanced monthly payments for the child tax credit.
From July 2021 through December 2021, parents could get as much as $300 per child every month through this program.
In 2022, the child tax credit and stimulus cheques will be reinstated.
President Biden had wanted to extend the increase of the child tax credit with the passage of the Build Back Better Act in 2022.
Because the bill did not pass by the end of the year, the child tax credit will revert to its pre-2020 level by the next legislative session.
In an attempt to address this issue, the Family Security Act has been submitted in the legislature.
The Family Security Act and stimulus grants are two examples.
This plan, which was presented by Senator Mitt Romney, would provide money to qualifying families with children on a monthly basis.
Families having children between the ages of 0 and 5 would get payments totaling $350 under the terms of this legislation.
Those with children between the ages of 6 and 17 would receive $250.
Applicants may submit their applications for the benefit up to four months before the birth of their child.
The maximum amount of money a family might receive each month would be $1,250.
During his speech, Romney noted that marriage and birth rates are at an all-time low, with families living below the poverty line receiving only around $7,000 in tax refunds.
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Through monthly payments alone, this measure would provide them with an additional $2,315 each year.
The idea would allow for the benefit to begin to be phased away if single filers earned more than $200,000 and married couples earned more than $400,000, respectively.
The reward would decrease by $50 for every $1,000 spent beyond those thresholds.
The law has been introduced in the past, but it has not gained traction so far.
Legislators are hopeful that this act will pass despite the fact that the Build Back Better Act is having difficulty passing.