The amount of money in the Child Tax Credit policy was increased in the previous year and eligible families were getting a stimulus check of $300 monthly. However, this payment was not continued this year and for that reason, the majority of the middle-class and lower-class families are still suffering financially. They did not receive a single stimulus check since December 2021.
A Monthly Stimulus Check Of A Maximum of $1,250 Might Be Distributed Soon
However, this payment system might return soon as a new bill is being prepared and introduced in both the Houses for their approval. Mitt Romney, the Senator of Republican of the state of Utah made a bill known as the Family Security Act which has similarities to the Child Tax Credit.
However, the only difference in the new legislation is that it proposes to distribute more money to eligible families. As per this new legislation, eligible families with a single child will get $350 per month and the child must be below 5 years old. Moreover, children in the age group between 6 to 17 will receive $250 every month for one child. The maximum stimulus check amount under this policy would be $1,250 for each family in a month.
The single tax-filers family must have an annual earning of less than $200,000 and joint tax-filers must have an earning of less than $400,000. People with more earnings must not be disheartened as for every increase in earnings by $1,000, $50 will be deducted from the stimulus check amount.
However there is another major difference from the Child Tax Credit that is to get the benefit, people will have to train or volunteer for at least 80 hours in a month. Thus, this controversial condition is still being debated the legislation has not been passed. However, the White House wants to continue the policy of Child Tax Credit for quite some time and hence this ground can be accepted by them.