Although the Child Tax Credit has not been distributed to Americans since December 2021, other helpful programs remain. Mitt Romney, a Utah senator, has introduced the Family Security Act, which would be comparable to the Child Tax Credit.
Eligible families with children under the age of five would get $350 per month, while those aged six to seventeen would receive $250.
The Child Tax Credit provided families with $300 per month for children under six and $250 per month for children from six to seventeen.
Although the bill has not been formally introduced, it is currently being discussed by both chambers of Congress.
Romney’s Family Security Act would include a requirement that beneficiaries work, volunteer, or train for at least 80 hours each month. This criterion does not apply to the Child Tax Credit.
The Family Security Act would enable parents to collect benefits four months before their child’s due date. Monthly payments would be capped at $1,250.
Romney asserts that this legislation will eliminate up to one-third of child poverty, assist families from conception to infancy, provide equitable treatment for working and stay-at-home parents, and encourage marriage.
Romney stated on his website that this proposal will “renew our commitment to families by assisting them in meeting the obstacles they encounter as they do the most critical task any of us will ever undertake—raising our society’s children.”
Meanwhile, Georgia and Maryland have enacted interim legislation eliminating gasoline taxes.
The suspended tax in Georgia is 29 cents per gallon, whereas it is 36 cents per gallon in Maryland.
Additionally, Dr. Willie Wilson, a Chicago businessman and philanthropist has contributed $1 million worth of gas. Beginning March 24, participating gas stations will offer up to $50 worth of free petrol to each car.
California legislators are debating a $400 tax rebate to offset the state’s high gas costs. California residents who are subject to state income taxes will be eligible.
In the United States, the cost of living adjustment for 2022 was a 40-year high of 5.9 percent, owing to the increased pace of inflation caused by the COVID-19 pandemic.