Update on the Stimulus Check: a $350 Monthly Payment Has Been Recommended; What You Need to Know

0

Sen. Mitt Romney’s (R-Utah) new stimulus proposal to reintroduce increased child tax credits in 2021 could provide certain families with up to $350 in monthly payments.

However, there will be a catch: those who accept the money will be required to labour.

Romney’s office stated that his idea has not been formally introduced and is now undergoing finalisation with both parties.

What you need to know about the new proposal is as follows.

Romney’s plan for a “Family Security Act”

Romney’s Family Security Act would provide $350 to eligible families with children under the age of five, and $250 to eligible families with children ages six to seventeen.

Additionally, the measure would allow expectant parents to begin receiving compensation four months prior to the due date of their child.

Monthly payments would be capped at $1,250 for families.

Attachments to the “Family Security Act”

Romney’s proposal also calls for phasing out the payouts based on income criteria.

For example, if a single taxpayer earns more than $200,000 or combined taxpayers earn more than $400,000, $50 will be taken from monthly payments for each $1,000 earned above their income criteria.

Work-related obligations

Additionally, the Romney proposal includes a contentious component known as labour requirements.

Although his idea is vague, according to NBC News, the majority of states with work requirement programmes compel benefit recipients to labour, volunteer, or obtain equivalent employment training for 80 hours per month.

READ ALSO

Leave A Reply

Your email address will not be published.