Do you have children? If so, you may start receiving a monthly benefit from the government if Senator Mitt Romney’s proposal is passed.
He wants to start giving families with children monetary benefits every month. So instead of the current child tax credit, parents would instead receive $350 a month for children five and under, and then $250 for children between the ages of six and 17.
However, families would max out at $1,250 a month.
“This proposal offers a path toward greater security for America’s families by consolidating the many complicated programs to create a monthly cash benefit for them, without adding to the deficit,” Romney said.
To be eligible for the program, a child must have a Social Security number, or parents can apply to start receiving the benefit four months before a child’s due date.
The payment amounts are gradually eliminated for single tax filers making more than $200,000 or joint filers making more than $400,000 in a given year.
The Social Security Administration would be responsible for doling out the payments.
So where would the money come from? Romney’s proposal gets rid of some federal programs like the child and dependence care tax credit, head of household filing status, and temporary assistance for families in need.
Although Democrats are unlikely to favor how Romney would finance his proposal, White House chief of staff Ron Klain tweeted that he was “looking forward” to seeing what is in the measure.
“Really looking forward to see what @SenatorRomney will propose here — an encouraging sign that bipartisan action to reduce child poverty IS possible,” Klain tweeted.
This ought to be an interesting development.
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