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Saturday, September 24, 2022

Stimulus Check Update: Monthly Proposal To Be Resumed Under New Proposals

When people started receiving stimulus checks at the start of the coronavirus pandemic, many parents also received up to $300 per child as part of the enhanced child tax credit of 2021.

However, Congress has not moved forward with pushing additional stimulus checks, and President Joe Biden’s plan to extend the child tax credit through 2022 failed in the Senate.

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But a new plan from Sen. Mitt Romney, R-Utah, would reinstate monthly child tax credits provided as part of the 2021 stimulus package.

Stimulus Check: Mitt Romney’s Family Security Act

Under Romney’s Family Security Act, eligible families with children up to 5 years old would get $350, and families with children 6-17 years old would get $250.

The measure would also allow expecting parents to begin receiving payments four months before their baby’s due date.

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Monthly payments for families would max out at $1,250.

“American families are facing greater financial strain, worsened by the COVID-19 pandemic, and marriage and birth rates are at an all-time low,” Romney said. “On top of that, we have not comprehensively reformed our family support system in nearly three decades, and our changing economy has left millions of families behind.”

Romney’s plan also calls for the payments to be phased out by income thresholds.

For example, if a single tax filer makes over $200,000 or if joint filers making over $400,000 together, $50 would be deducted from the monthly payments for every $1,000 the tax filers make above their income thresholds.

The bill also would have work requirements.

Romney’s bill was first introduced in 2021 but failed to gain traction among lawmakers.

But after Biden’s “Build Back Better” plan failed, Romney’s bill is starting to gain traction once again.

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