Since the year 2020 i.e. from the start of the pandemic, Americans have received three stimulus checks. The first check was given to the people in the spring of 2020 worth $1,200. The people received a second check in December 2020 worth $600. In March 2021, people got the last check of $1,200. Since then, they have not received any more checks, according to Fingerlakes1.com
Child Tax Credits
Many people who had children got advanced monthly payments for the child tax credits. This tax credit is given to parents along with the stimulus cash who qualified for this advanced monthly payment. The parents got $300 per child each month from July 2021 to December 2021. President Biden is hoping to carry this child tax and expand it to bill in 2022. The Build Back better bill did not pass by the end of 2021, so it is reverted to the way it was before 2021. the Family Security Act has been introduced as a reliable solution.
Family Security Act and stimulus payments related to it
Senator Mitt Romney presented the Family Security act. This bill will send a certain amount of money to eligible families and their children each month. Under this act, families with kids aged between 0-5 would receive payment worth $350. The families with kids aged 6-17 would receive $250. The parents who are expecting could also apply for this act 4 months before the birth of the baby. The maximum amount a family will get is $1,250 every month.
According to Fingerlakes1.com, Romney explained that this act would give the families an amount of $2,135 each year. He explained that the marriage and birth rates are at an all-time low. The families on the verge of the poverty line are getting an amount of $7,000 at tax refund time. This plan would allow the benefit to spread out as the single beneficiary made above $200,000 and for the couples over $400,000. After every $1,000 made ahead of those points, the benefit would reduce $50.
The bill was introduced once before too, but it failed to get a grip. The lawmakers are hopeful for this act.
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