When families began receiving stimulus checks at the beginning of the coronavirus outbreak, many parents also earned up to $300 per kid as part of the expanded child tax credit, which will be implemented in 2021.
President Joe Biden’s idea to extend the child tax credit through 2022 was defeated in the Senate, but Congress has not moved through with implementing more stimulus payments.
Senator Mitt Romney (R-Utah) has proposed a new idea that would restore the monthly child tax credits that were offered as part of the 2021 stimulus package.
Families with children under the age of five would receive $350 under Romney’s Family Security Act, while families with children between the ages of six and seventeen would receive $250.
Expectant parents would also be able to begin receiving compensation four months before the due date of their child under the provisions of the bill.
Families would be able to make payments of up to $1,250 each month.
Mitt Romney remarked that “American families are under an increased financial strain, which has been exacerbated by the COVID-19 pandemic,” and that “marriage and birth rates are at an all-time low.” Furthermore, we have not substantially updated our family support system in nearly three decades, and our shifting economy has left millions of families in the dust.
In addition, Romney’s plan calls for the payments to be tapered out over time based on income limits.
For example, if a single tax filer earns more than $200,000, or if a married couple earns more than $400,000 together, $50 would be deducted from the monthly payments for every $1,000 the tax filers earn in excess of their income thresholds each month.
Work requirements would also be included in the legislation.
Despite the fact that Romney’s legislation was originally submitted in 2021, it failed to garner traction among legislators.
However, following the failure of President Joe Biden’s “Build Back Better” plan, Romney’s legislation is beginning to gain traction once more.