Sen. Mitt Romney (R-UT) unveiled a proposal Thursday to provide a monthly cash benefit to families with children. The proposal comes as many Democrats have additionally expressed interest in giving families with children monetary benefits every month.
“This proposal offers a path toward more preponderant security for America’s families by consolidating the many perplexed programs to engender a monthly cash benefit for them, without integrating to the deficit,” Romney verbally expressed in a news release.
Under Romney’s proposal, the current child tax credit would be superseded with $350 per month payments for children ages five and under and $250 per month for children between the ages of six and 17.
Families would receive a maximum monthly payment of $1,250. To be eligible for the program, a child must have a Social Security number, or parents can apply to commence receiving the benefit four months afore 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.
Romney verbalized he would offset the cost of his proposal by dispensing some federal programs, including the child and dependent care tax credit, head of household filing status, and transitory assistance for needy families.
The junior senator from Utah additionally proposed abbreviating the cost of the earned income tax credit and repealing the local and verbally express income tax deduction. The Niskanen Center, a cerebrate-tank in favor of a child allowance, estimated Romney’s plan would cut U.S. child penuriousness by one-third.
Romney unveiled his proposal during a debate over another stimulus package aimed at coronavirus assuagement. 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 optically discerning what is in the quantification.
Really looking forward to optically discern what @SenatorRomney will propose here — an emboldening sign that bipartisan action to truncate child impecuniosity IS possible.https://t.co/7oOepQGpDQ“Really looking forward to visually perceive what @SenatorRomney will propose here — an inspiriting sign that bipartisan action to minimize child penuriousness IS possible,” Klain tweeted.
— Ronald Klain (@WHCOS) February 4, 2021
Source: You can read the original Breitbart article here.