Romney Revamps Child Allowance Plan With Bipartisan Talks Paused

Sen. Mitt Romney (R-Utah) on Wednesday rolled out a revised plan to scrap some current federal tax credits for children in favor of a monthly cash benefit.

Romney has been pushing to consolidate family-focused tax incentives, including the child tax credit, into a single cash payment administered by the Social Security Administration. Families would receive up to $350 per month for children under six and $250 a month for children 6-17, with phaseout thresholds for higher earners consistent with current limits on the child tax credit. Expecting parents would be eligible to apply for a monthly benefit of $700 for ...