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Child tax credit: Family Security Act and possible $350 monthly payments

As families continue to struggle amid inflation, many have fallen back into poverty from the child tax credit payments ending.

cash from the child tax credit

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?

Romney added that marriage and birth rates are at an all time low following the financial strain started by the pandemic.

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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