Families With Children Could Be in Line for $4,200 a Year in Stimulus Funds
You probably have some difficulties last year during the Covid-19 outbreak. Take a look at this project that might help your family
Coronavirus certainly created a delicate moment worldwide, and despite the raise in vaccines and a certain stabilization, people still face many consequences regarding the Covid-19 outbreak.
Because of this situation, the number of unemployed roses, and inflation also have seen an incredible raise in their value, decreasing purchasing power of many American families.
In 2021, when unemployment was still in high numbers and vaccines were still getting produced so people could go back to “the new normal”, lawmakers were fast to release some stimulus aid. A round of $1,400.00 was released to the Americans’ bank accounts.
Not only that, but the Child Tax Credit received a significant raise. Its maximum value was from $2,000.00 to $3,600.00 per child during a year. This was a very important help to many families who had their jobs dismissed during the pandemic.
However, in 2022, the value of the Child Tax Credit was not raised again, in fact, its maximum value returned to the $2,000.00 per year max credit. If the situation was already very complicated, this news was an actual backlash for many people.
Despite the fact that, regarding the U.S economy, jobs are coming back at a very fast speed, so as the inflation and gas prices. For the families who used their savings during the pandemic, it increases the financial pressure even more.
Therefore, lawmakers are studying a new proposal that intends to raise again the Child Tax Credit, which could be of major help for those families who have kids.
A lifeline for families
The Family Security Act 2.0 was recently introduced by a group of Republican lawmakers, who wants to provide more financial security for parents.
The proposal states that families would be eligible for a $350 monthly payment per child up to age 5, which makes $4,200 per year. Families would also be eligible for a $250 monthly payment per child aged 6 to 17 for a total of $3,000 per year.
These payments would be applicable to up to six children per household. This increase is even higher than the increase in Child Tax Credit released in 2021.
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What are the conditions to be eligible for these benefits?
There are some conditions that need to be achieved in order for you and your family to be eligible for receiving the Child Tax Credit:
- To receive the full value allowed by the proposal, your family needs to have $10,000.00 of income on file for the last year. If your family has fewer earnings, then your benefit will be decreased proportionally.
- Also, there is an income limit. The payments would not be made for single parents who made more than $200,000.00 and for married parents who made $400,000.00 during the last year.
- Another thing that makes this proposal so unique, is the fact that the family can begin receiving this Child Tax Credit if the baby is still in the mother’s womb. Families will begin receiving the payment four months before the baby’s due date.
Are there any drawbacks?
Well, one particular problem seems to hold back this amazing project: the costs of funding it.
The original proposal sets that the money for the new Child Tax Credit should come from cuts on the Earned Income Tax Credit (EITC). This greatly affects especially the families that don’t have kids.
Everybody is in a tough situation right now because of the pandemic. Although this project helps families with children, it may hurt those family who doesn’t have it.
It’s up to the government to measure the risks and see if there are no other ways for funding this aid so important for many American families.
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