Senator Mitt Romney claims to have an alternative for several people who are dealing with rising prices in the United States. Romney has revealed a plan to give American families more financial stability by integrating existing schemes to establish a single universal child benefit for everybody. The Family Security Act is the name of this new initiative. The FSA’s child allowance would provide $4,200 per year to families with kids under the age of 6, and $3,000 per year to families with older children.
Present Situation With Current Law
As it stands now, the child tax credit gives credit of up to $2,000 per kid under the age of 16. Since the credit is partly refundable, some low-income households may not be entitled to the whole amount. A family with a bigger credit than their overall federal income tax liability is entitled to a return equal to 15% of income above $2,500, up to $1,400 per kid.
Here Is How The Things Are Changing Under The Family Security Act
Families with kids under the age of five are entitled to $350 per month under the Family Security Act, with the amount decreasing to $250 per month between the ages of six and seventeen. This equates to a significant dividend of $12,600 per year for a family with three children under the age of five. In essence, Romney’s FSA expands benefits to more parents, but it totally eliminates social services in the United States, including food stamps (SNAP), cash money, as well as Medicaid.
