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Romney Revamps Child Allowance Plan With Bipartisan Talks Paused

June 15, 2022, 6:49 PM

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 ...