Did I just type that a Republican Senator wants The US Government to ‘pay’ Americans who have kids money?
Under Romney’s proposal, the existing child tax credit would be replaced with monthly payments of $350 for children ages 5 and under and $250 for children ages 6 to 17. Families would be capped at monthly payments of $1,250.
All children with Social Security numbers would be eligible for the payments, and parents would also be eligible to apply to start getting the benefit four months before a child’s due date.
The payment amounts phase out for single tax filers with income above $200,000 and married couples with income above $400,000 — the same income phaseout thresholds for the current child tax credit. The Social Security Administration would administer the monthly payments, and people would reconcile any overpayments or underpayments with the IRS when they filed their tax returns.
Romney would offset the cost of his proposal by eliminating some federal programs that he argues would be duplicative with his child allowance, including the head-of-household filing status, the child and dependent care tax credit and temporary assistance for needy families.
He also proposes reducing the cost of the earned income tax credit. Additionally, he proposes repealing the state and local tax deduction, which was already limited by President Trump‘s 2017 tax cut law, arguing that most families that previously claimed the deduction will still be better off under his proposal.
The Niskanan Center, a group that advocates for a child allowance, estimated that Romney’s plan would reduce U.S. child poverty by about one-third….