It’s been rumoured that Republican Sen. Mitt Romney of Utah has been working on a new plan to reinstate the enlarged child tax credit.
NBC News claims that he’s also been talking to Democrats about the concept.
As Romney’s website explained, the “Family Security Act” “would create a new national commitment to American families by updating obsolete government laws into a monthly cash payment of $350 per young kid and $250 each school-aged child.”
As a result of the COVID-19 epidemic, “American families are under increased financial hardship, which is exacerbated by the COVID-19 pandemic,” Romney added.
The fact that we haven’t overhauled our family support system in almost three decades, coupled with the fact that the economy is shifting, just compounds the problem. This is the moment to renew our commitment to families and assist them to overcome the problems they encounter as they raise our society’s youngsters.
Families in America would profit from this plan since it would streamline numerous complicated programmes into a monthly cash payment that would not contribute to the debt.”
Many Americans received third-round stimulus cheques worth up to $1,400 as well as an enhanced child tax credit as a result of the American Rescue Plan in 2021.
The child tax credit might be valued at up to $3,000 or $3,600, depending on the family’s income level. For children aged 6 to 17, parents got $250 each month from July to December. Families with children under the age of five got monthly payments of $300. For the remaining $3,600 or thereabouts, parents will have to claim it when they submit their taxes in 2021.
Some families have been lifted out of poverty thanks to the newly-enhanced child tax credit. However, Romney’s plan would make significant changes to the tax structure, as well as force people to work. The bill seeks to slash programmes designed to support the poor and needy in the United States.
According to NBC News, Democrats may find it difficult to accept these reforms. According to a top GOP adviser, Romney is in talks with many Democrats.
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NBC News quotes an adviser as saying, “I believe momentum is rising quite a bit, and there’s more interest because people on the right want to do something.” It’s not going to happen if the left doesn’t work across party lines, according to one observer.
There have been “many Democrats who have indicated interest and spoken with me,” Romney stated on Thursday.
Many people in the United States are concerned about whether they will get stimulus payments in 2022 because of the timing of this plan.
Additionally, President Joe Biden’s Build Back Better Plan, which was put forward last autumn, included an increase in the standard deduction for families with children under the age of 17. Even yet, Sen. Joe Manchin (D-W.Va.) vetoed the bill because he was concerned about rising inflation.