Stimulus: New Idea Will Grant $300 Monthly Child Tax Credit Payments

Right since the pandemic started, three stimulus checks have been given out to U.S. citizens though none have been seen since early last year.

In spring last year, the first stimulus check was given out that was worth $1,200.

In December of 2020, the second stimulus check was sent out and worth $600; then the third and the last stimulus check of $1,400 was sent out in March of last year.

Apart from the stimulus checks, a lot of those people who had kids became eligible to get advanced monthly payments for the child tax credit.

With this, parents received a maximum amount of $300 for every child each month from July last year until December of last year.

Child tax credit and stimulus checks in 2022

With the proposal of the Build Back Better bill this year, President Biden wished to continue the expansion of child tax credit.

Though the bill didn’t manage to pass by the end of the year, which took the child tax credit to the same way it was earlier in 2021.

To find a potential solution to this issue, the Family Security Act has been launched.

Family Security Act and Stimulus Payments

Senator Mitt Romney has introduced this bill and under this, those families who have children and qualify as well will receive money every month.

The families who have children between the age of 0 and 5 will receive an amount of $350 under this act.

Whereas, families with children between the age of 6 and 17 will receive $250.

Those people who are expecting a child/children are eligible to apply for the benefit up to four months prior to when they welcome their newborn.

A maximum amount of $1,250 per month would be received by a family.

Romney gave the explanation that marriage and birth rates are at an all-time low, with families at the poverty line just getting nearly $7,000 at tax refund period.

Stimulus, New Idea Will Grant $300 Monthly Child Tax Credit Payments
New Idea Will Grant $300 Monthly Child Tax Credit Payments

With this act, they would be able to receive additional money of $2,315 per year alone with monthly payments.

The bill would enable for the benefit to begin sending out once single filers have earnings of more than $200,000 and in the case of couples the threshold is $400,000.

For every additional $1,000 past those points, the amount would decline by $50.

This bill has also been introduced earlier though it could not get traction.

Since the Build Back Better act is struggling to pass, lawmakers have expectations with this new bill.

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