An Additional Legal Push for Tax Relief for Families in 2022 Has Been Launched.

By Ruth K. Washington Last updated Nov 29, 2022

Senator Mitt Romney of the United States recently unveiled a plan to give American families more financial stability by streamlining current rules and creating a single universal child benefit. The Family Security Act would be the name of this bill. Families would receive a monthly cash incentive of $350 per month for each young child and $250 per month for each school-aged child under this new arrangement.

The purpose of this bill is to provide a Republican-friendly version of the increased Child Tax Credit that might receive bipartisan approval. While there are some parallels between Romney’s measure and the Child Tax Credit, it’s crucial to highlight that Romney’s proposal is not a continuation of the tax credit programme. Instead, if a family qualifies, this law would offer a monthly kid allowance.

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This Programme Would Be Subject to New Rules.

The good news is that this programme will be expanded to include people from a wider range of income levels. Single filers with incomes up to $200,000 per year would be eligible, while joint filers with incomes up to $400,000 per year would be eligible. Compared to the enhanced Child Tax Credit payments, which had far lower income restrictions, this is a substantial difference.

However, under this idea, the maximum monthly allowance would be $1,250 per family, implying that larger families would not be compensated for each child in their household. According to Romney, this proposal would reduce child poverty in America by up to a third.