HomePersonal FinanceWhat you need to know about $350 monthly payments

What you need to know about $350 monthly payments

A new stimulus proposal by Sen. Mitt Romney, R-Utah, could provide some with monthly payments of up to $350 under the enhanced child tax credits in 2021.

There is, however, a catch: The money will be given to those who agree to do the work.

Romney’s staff reported that his proposal hasn’t been formally submitted and is undergoing negotiation with both parties before being finalized, NJ report.

The following information will help you understand the new proposal.

The “Family Security Act” proposed by Romney

Families with children up to 5 years old would receive $350 under Romney’s Family Security Act, and families with children 6-17 years old would receive $250.

In addition, expecting parents would be able to receive payments four months before their baby birth due date.

Payments for families would be capped at $1,250 a month.

The provisions of the “Family Security Act”

Additionally, Romney’s plan calls for phase-outs based on income thresholds.

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If a single taxpayer earns more than $200,000 or if joint taxpayers earn more than $400,000 together, $50 will be deducted from their monthly payments for every $1,000 they make above their income thresholds.

Requirements for work

Work requirements are another controversial element of Romney’s plan.

His proposal does not provide specifics on how work requirement programs work, but most states in the US that have work requirement programs require their recipients to work, volunteer or receive training equivalent to 80 hours per month, according to NBC News.

NATE GARTRELL
NATE GARTRELLhttps://theeastcountygazette.com/
NATE GARTRELL is an author at TheEastCountyGazette.com, a publication in the East County region of San Diego County. He has been writing for the Gazette since 2012 and writes on many different topics including politics, business, health care and more.
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