Stimulus: New plan would give monthly child tax credit payments of $300
Since the start of the pandemic, Americans have collected three stimulus checks, but have seen none since early 2021.
The first check took place in the spring of 2021 and was worth $1,200.
The second check in December 2020 was for $600 and in March 2021 there was a final check for $1,400.
In addition to the stimulus money, many who had children were also eligible for early monthly Child Tax Credit payments.
This sent parents up to $300 per child per month from July 2021 to December 2021.
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Child tax credit and stimulus checks in 2022
President Biden had hoped to postpone the child tax credit expansion with the Build Back Better bill until 2022.
The bill failed to pass by the end of the year, returning the child tax credit to what it was before 2021.
The Family Security Act has been presented as a possible solution to this problem.
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Family Safety Act and Stimulus Payments
This bill was introduced by Senator Mitt Romney and will send money each month to eligible families with children.
Under this law, payments worth $350 would be sent to families with children between the ages of 0 and 5.
Those with children ages 6 to 17 would see $250.
Future parents could apply for the allowance up to 4 months before the birth of their child.
The maximum a family could get each month would be $1,250.
Romney explained that marriage and birth rates are at historic lows, with families at the poverty line only seeing about $7,000 when tax refunds come.
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This law would give them an additional $2,315 each year through monthly payments only.
The plan would allow the benefit to start disappearing once single filers earn over $200,000 and couples over $400,000.
For every $1,000 beyond these points, the benefit would decrease by $50.
The bill has been introduced before, but failed to gain traction.
With the Build Back Better bill struggling to pass, lawmakers are hopeful that this law will pass.