The socio-economic situation in the United States deteriorated after the COVID-19 outbreak struck around two years ago. Many people lost their lives and their careers as a result of the disaster. Poverty levels increased as a result. This impacted not only the individual but millions of middle- and lower-income families and children as well. For these reasons, US President Joe Biden implemented the increased child tax credit scheme.
Eligible US families earned extended child tax credits for each dependant they had, based mostly on age, under this scheme. In general, the federal government provided a maximum of $300 in tax credits or stimulus to parents with children under the age of six. However, with President Joe Biden’s Build Back Better Act failing to pass, these increased child tax credits or stimulus payments may become obsolete.
The Proposed Family Security Act is a bill that was introduced in the House of Representatives
There’s some positive news to report. Senator Mitt Romney, according to Cleveland.com, is attempting to revive monthly stimulus payments or child tax credits. If Sen. Romney’s plan is implemented, it will be included in the 2021 stimulus package. The Family Security Act is what it’s called.
The proposed Family Security Act would provide parents or families with monthly payments of $350 for children under the age of five and $250 for children from six to seventeen. Furthermore, the proposed Family Security Act will provide financial assistance to expectant parents. Senator Romney’s bill, in this light, proposes to provide them with a tax credit or monthly payments for four months before giving birth.
The Proposal’s Justification
Senator Romney claims that his Family Security Act is justified by the fact that “American families are under an increasing financial strain, exacerbated by the COVID-19 pandemic, and marriage and birth rates are at an all-time low,… Furthermore, our family assistance system has not been properly overhauled in nearly three decades, and our shifting economy has left millions of families behind.”
- Low-wage Households in Oregon May Receive $600 in Stimulus Checks in June
- Rollins Delves Deep Into a Strange Case on Law & Order: Special Victims Unit | Law and Order SVU Ned Eisenberg
- After a Sexual Assault, Farrah Abraham Seeks Trauma Treatment
For qualifying families, a maximum monthly payout will be offered. This is estimated to be $1,250 if the action is passed into law. Finally, after President Joe Biden’s Build Back Better plan failed to pass, Senator Romney’s act is regaining popularity. Senator Romney attempted to pass his act or bill for the first time in 2021.