Senator Mitt Romney proposes a strategy for many people who are experiencing price increases as a result of rising prices of products and services.
Mitt Romney proposed combining current policies to establish a universal child benefit for all American families earlier this week.
The Family Security Act is the name given to the new programme. Families with children under the age of six would receive $4,200 per year, while families with older children would receive $3,000 per year, according to the FSA.
According to Newsbreak, child tax credits are presently worth up to $2,000 per child under the age of 16 who is a US citizen.
Due to the fact that the credit is partially refundable, low-income families may not be eligible for the whole amount.
When a family’s credit exceeds their federal tax liability, they are eligible for a 15% return based on earnings over $2,500, up to $1400 per kid.
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Under the Family Security Act, children under the age of five will get $350 per month, while children aged six to seventeen will receive $250 per month. For a family of three children under the age of five, this equates to $12,600 per year.
In essence, Romney’s FSA provides higher benefits to a larger number of families, but it fully eliminates American welfare programmes like food stamps (SNAP), cash assistance, and Medicaid.