More Cash in Hand for Americans with Children? - GoldStar ATM

The past year has been difficult financially for many Americans. Perhaps especially so for people who struggle to find reasonably priced child care for their children. Congress is now taking a look at providing more financial support for children.

Senator Mitt Romney (R-Utah) recently introduced a plan to provide financial assistance for families with children. Romney’s proposal would provide $4,200 per year for every child up to the age of 6, as well as $3,000 per year for every child age 6 to 17. Senior Democrats are currently drafting legislation as part of their $1.9 trillion stimulus proposal that would provide $3,600 per year for every child up to the age of 6, as well as $3,000 for every child age 6 to 17.”

Democrats are on board. Led by Ways and Means chairman Rep. Richard Neal (D-Mass.), Democrats will soon introduce a proposal attached to the next stimulus package “that would provide $3,000-per-child direct payments in certain households.”

The Biden-Harris Administration is also on board.

The Details

If passed, the proposal would accomplish the following:

  • The IRS would begin depositing payments into bank accounts July 1.
  • The payments would come in monthly installments.
  • Qualifying household incomes would be based on the previous year with lower payouts for individuals making $75,000 for individuals and $150,000 for those filing jointly.
  • Eligible households with children ages 6 to 17 could receive payments of $3,000 for each child and $3,600 for children under 6.

The financial assistance program would mean a lot to families struggling with meeting basic needs, including adequate childcare, food insecurities, homelessness, early childhood education costs, and more. As Rep. Neal said, “We are making the Child Tax Credit more generous, more accessible, and by paying it out monthly, this money is going to be the difference in a roof over someone’s head or food on their table,”

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