As families continue to struggle amid inflation, many have fallen back into poverty from the child tax credit payments ending.
Under a new act proposed by Senator Mitt Romney, families could see $350 per month for kids ages 5 and under, or $250 per month for kids ages 6-17.
This is called the Family Security Act and would benefit low and medium income families.
Child tax credit: When will monthly payments start again?
He points out that the family support system in place has not been changed in almost 30 years as the economy changes.
There are 6 objectives for this new child tax credit
- Forming a new commitment to American families
- Cut child poverty by one third
- Support families expecting a child
- Promote marriage
- Allow stay at home and working parents to receive the same treatment
- Update federal programs that aid families
IRS: Average refunds are $658 more dollars in 2022 compared to 2021
There will be a working requirement for this act, with families needing to work at least 80 hours per month.
Training or volunteer work counts toward working hours.
Families making under $200,000 single or $400,000 jointly qualify.
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