Mitt Romney’s Plan to Pay Parents Up to $15,000 a Year – By The Fiscal Times Staff (The Fiscal Times) / Feb 4 2021
Plus, Dems debate limits for $1,400 relief payments
Sen. Mitt Romney (R-UT) on Thursday proposed sending American families a cash benefit of at least $3,000 a year per child as part of a plan that he says would immediately lift nearly 3 million children out of poverty.
Romney’s plan represents a Republican response to President Joe Biden’s call to provide more support to families struggling through the pandemic, signaling some bipartisan support for the idea. Romney’s plan provides more generous benefits than Biden’s, though it also proposes to eliminate some other popular benefits.
The details: Biden’s $1.9 trillion coronavirus rescue plan calls for temporarily increasing the child tax credit, which now provides $2,000 a year for children up to 16 years old, to $3,600 for children under 6 and $3,000 for older kids.
Under Romney’s Family Security Act, parents of children up to 5 years old would get $350 a month, or $4,200 a year. Parents of kids ages 6 to 17 would get $250 a month, or $3,000 a year. Families would become eligible for the payments four months before a child’s due date, and the maximum monthly payment would be $1,250, or $15,000 a year. Like the current Child Tax Credit, the benefits would begin phasing out for individuals earning $200,000 and couples making $400,000. Any overpayments or underpayments would be reconciled through annual tax filings, meaning parents would still get monthly payments and would have to pay back any overpayments when they file their taxes.
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