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.
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
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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