Sen. Mitt Romney
Willard (Mitt) Mitt RomneyTuberville cites the ‘difficult’ time by refusing to comment on Rep. Greene. Leading Democrats urge Yellen to crack down on dark money groups The Hill’s Morning Report – Presented by Facebook – Democrats pave the way to approve Biden’s COVID-19 relief plan MORE (R-Utah) on Thursday released a proposal to provide monthly payments to families with children.
The proposal comes because many Democrats have similarly expressed interest in providing monthly payments to families with children.
“This proposal offers a path to greater security for America’s families, consolidating the many complicated programs to create a monthly cash benefit for them, without increasing the deficit,” said Romney in a press release.
According to Romney’s proposal, the existing child tax credit would be replaced by monthly payments of $ 350 for children aged 5 and under and $ 250 for children aged 6 to 17. Families would be limited to monthly payments of $ 1,250.
All children with a Social Security number would be eligible for payments, and parents would also be eligible to start receiving the benefit four months before the child’s due date.
Payment amounts phase out for single contributors with incomes over $ 200,000 and couples with incomes over $ 400,000 – the same income elimination limits for the current child tax credit. The Social Security Administration would manage monthly payments and people would reconcile any overpayment or underpayment with the IRS when filing their tax returns.
Romney would make up for the cost of his proposal by eliminating some federal programs that he argues would be duplicated with his family allowance, including the registration status of the head of the family, the tax credit for children and dependents and temporary assistance for needy families.
He also proposes to reduce the cost of credit for income tax at work. In addition, he proposes to revoke the state and municipal tax deduction, which was already limited by President Trump
Donald Trump Pelosi pressures Newsom to choose Schiff for the next California AG: report The Palm Beach city attorney says Trump must be able to live on the Mar-a-Lago Trump heliport in Mar-a-Lago to be demolished soon MOREthe 2017 tax reduction law, arguing that most families who previously claimed the deduction will still be better off with your proposal.
The Niskanen Center, a group that advocates child benefit, estimated that Romney’s plan would reduce child poverty in the United States by about a third.
Romney released his proposal amid debate over another coronavirus relief package. President Biden’s $ 1.9 trillion coronavirus relief package includes an expansion of child tax credit, and many Democratic lawmakers would like the IRS to be able to provide upfront credit payments to families on a monthly basis.
Democrats are unlikely to support the way Romney funds his proposal. But the Utah Republican’s proposal is an indication of bipartisan interest in actions taken to reduce child poverty.
“I am really looking forward to seeing what @SenatorRomney will propose here – an encouraging sign that bipartisan action to reduce child poverty is possible,” said White House Chief of Staff Ronald Klain tweeted.