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1 1 (August 2, 2022)

handle is hein.crs/goveian0001 and id is 1 raw text is: Congressional ____ ~ Research Service How Would a Child Benefit Under the Family Security Act (FSA) 2.0 Compare to the Child Tax Credit? August 2, 2022 Recent reports suggest congressional interest in the creation of a child allowance, either by extending the temporary 2021 changes to the child credit or by creating a new child benefit that would replace the child credit. This Insight briefly compares the child benefit proposed by Senators Romney, Burr, and Dames as part of the Family Security Act 2.0 (FSA 2.0) on June 15, 2022, with the child tax credit (including the 2021 expansion) in Table 1 and in Figure 1. Under FSA 2.0, families with children would be eligible for a monthly cash benefit of up to $350 per month for each young child (aged 0-5) and $250 per month for each older child (aged 6-17) for up to six children. Pregnant families could receive an additional payment of $700 per month during the last four months of pregnancy. This benefit would be a cash payment administered by the Social Security Administration (SSA), and would replace the existing child tax credit administered by the Internal Revenue Service (IRS). For the lowest-income families, the benefit would phase in with the first dollar of income, with a faster phase-in rate for families with more and/or younger children. For the highest- income families, the benefit amount would phase out, similar to the current child tax credit. Limitations With This Summary FSA 2.0 has been released as a summary proposal, without introduction (as yet) of bill text. Hence, some details of how the proposed child benefit would affect families are not available and this Insight, which is based solely on information contained in the summary, cannot provide a comprehensive overview of the proposal. Other Policy Changes Made by the Proposal In addition to creating a child benefit, FSA 2.0 would also modify other tax provisions for families which are beyond the scope of this Insight. These changes include eliminating the head of household (HOH) filing status for single parents and single taxpayers with adult dependents; modifying the EITC to create one formula for those with children and one formula for families without children; and modifying the Congressional Research Service https://crsreports.congress.gov IN11974 CRS INSIGHT Prepared for Members and Committees of Congress

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