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Family Security Act 2022: A Proposal For Low-Income And Middle-Income Families

Social Security Beneficiaries Can Have An Additional $70,000 In Their Saving: Check Details

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Staying safe during the uncertainties is important, but financial issues are the biggest concern during such a period. There is no doubt that COVID19 has created ripple effects that have created hundreds of problems and issues in our lives. With the efforts of the government to help the individuals live a happier and better life, stimulus checks played a crucial role in the entire process. Amidst all this, a senator from Utah and a former presidential candidate came up with a new Family Security Act proposal.

The proposal from Mitt Romney

Mitt Romney, a former presidential candidate and senator from Utah suggested a new stimulus check. His Family Security Act plan provides a $350 monthly check for each young kid and a $250 monthly payment for each school-aged child to low- and middle-income families.

According to the plan, qualifying families with children under the age of five would get $350 per month, while households aged six to seventeen would receive $250 per month.

The main objectives of Romney’s plan

The six goals of the Family Security Act are as follows:

Eligibility criteria of the Family Security Act

There is a maximum income restriction for getting the stimulus payment, as with most stimulus checks. If a single tax filer earns more than $200,000 or a married couple earns more than $400,000, $50 will be taken from monthly payments for each $1,000 earned above the thresholds.

On the other hand, the Family Security Act contains a job requirement as part of the qualifying criterion. The employment eligibility conditions have yet to be determined, but it is believed to be quite beneficial, as per the report from Marca.

The reasoning behind this is that the extra income will motivate individuals to look for work, but others contend that it risks further marginalizing the poorest.

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