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Stimulus: New plan would give $300 monthly child tax credit payments

Since the start of the pandemic, Americans have collected three stimulus checks, but haven’t seen any since early 2021.

stimulus cash families can get through the new child tax credit act

The first check was in spring of 2021 and worth $1,200.

The second check in Dec. of 2020 was worth $600 and in March of 2021 there was one last $1,400 check.

On top of stimulus cash, many who had children also qualified for advanced monthly payments for the child tax credit.

This sent parents as much as $300 per child per month from July of 2021 through Dec. of 2021.


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Child tax credit and stimulus checks in 2022

President Biden had hoped to carry over the child tax credit expansion with the Build Back Better bill in 2022.

The bill did not pass by the end of the year, reverting the child tax credit back to the way it was before 2021.

The Family Security Act has been introduced as a possible solution to this.


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Family Security Act and stimulus payments

This bill was introduced by Senator Mitt Romney and will send eligible families with children money each month.

Under this act, payments worth $350 would be sent to families with kids between the ages of 0 and 5.

Those with kids ages 6-17 would see $250.

Expecting parents could apply for the benefit up to 4 months before the birth of their child.

The most a family could get each month would be $1,250.

Romney explained that marriage and birth rates are at an all time low, with families at the poverty line only seeing around $7,000 at tax refund time.

Finger Lakes Partners (Billboard)

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This act would give them an extra $2,315 each year through monthly payments alone.

The plan would allow for the benefit to start phasing out once single filers made over $200,000 and couples over $400,000.

For every $1,000 past those points the benefit would go down $50.

The bill has been introduced before, but failed to gain traction.

With the Build Back Better bill struggling to pass, lawmakers are hopeful for this act.

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