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Lobby General Discussion topic #13423118

Subject: "What do you think of Romney's Plan to give parents up to $15k/Year" Previous topic | Next topic
mista k5
Member since Feb 01st 2006
16404 posts
Fri Feb-05-21 05:30 PM

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"What do you think of Romney's Plan to give parents up to $15k/Year"


  

          

Seems to be getting universal praise with little criticism. I'm not on Twitter so I'm probably not aware of some takes on it.

https://www.vox.com/future-perfect/22264520/mitt-romney-checks-parents-4200

Romney’s plan would replace the child tax credit, currently worth up to $2,000 per child and restricted to parents with substantial income (it doesn’t fully kick in until you reach an income of over $11,000), with a flat monthly allowance paid out to all parents:

Parents of kids ages 0 to 5 would get $350 per month, or $4,200 a year
Parents of kids ages 6 to 17 would get $250 per month, or $3,000 a year
Parents with multiple kids could get a maximum of $1,250 per month or $15,000 a year; that translates to five kids between the ages of 6 and 17. Very large families would be somewhat penalized, but many families with three or four kids will get the full benefit.

Just like the current child tax credit, Romney’s proposal would phase out for wealthy parents — the benefits begin phasing out for single filers with $200,000 and joint filers with $400,000 in annual income. But the phaseout would be implemented on the back end, through the tax code — even the richest parents would still get their $250-$350 per-kid checks in the mail every month; they’d just return the money on April 15. That helps ensure the benefit is truly available to all eligible people and not delayed due to concerns of “overpayment.”

The short answer is the pay-fors. Romney’s plan is deficit-neutral at least through 2025 (when many Trump tax breaks expire, making analysis beyond that year tough), and to do that he pairs his remarkably generous child allowance plan with some cuts to other tax breaks and spending programs.

Romney’s proposal would eliminate:

Head-of-household filing status, which gives income tax breaks to some single parents and caregivers)
The child and dependent care tax credit, which offers tax breaks for parents paying for child care services so they can work
The temporary assistance for needy families (TANF) welfare program, which replaced traditional “cash welfare” after the 1996 welfare reforms and is run as a state block grant
The state and local tax deduction (SALT) in the income tax, which critics decry as regressive but also provides a subsidy for blue states with high income and property taxes
Romney would also replace the earned income tax credit (EITC), which currently offers more benefits to families with more kids, with a flat credit worth up to $1,000 per working adult, with no child-related component. The EITC for adult dependents, however, would be unchanged.

  

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What do you think of Romney's Plan to give parents up to $15k/Year [View all] , mista k5, Fri Feb-05-21 05:30 PM
 
Subject Author Message Date ID
i think they do something like that in Germany
Feb 05th 2021
1
Fuck that dude and his broodmare
Feb 06th 2021
2
I agree with a lot of this
Feb 06th 2021
3
why does every plan have to help all people or its bashed?
Feb 15th 2021
6
      Re: Tuition. Doesn't have to help all. Just don't help wealthy dispropor...
Feb 15th 2021
10
           no, I wasnt a fan of the tax cuts..
Feb 15th 2021
12
                No the problem was that they *did* work as intended lol.
Feb 15th 2021
19
                     true
Feb 15th 2021
23
As someone with two kids and paying for childcare, I support it
Feb 06th 2021
4
We are almost out of the weeds with daycare
Feb 15th 2021
7
Republicans are marketing geniuses cuz how is this Mitt Romney's Plan!?!...
Feb 14th 2021
5
hes not the first to propose the benifits
Feb 15th 2021
11
Are there any obligations on the parents end?
Feb 15th 2021
8
ehh.. next thing you know you child belongs to the state
Feb 15th 2021
9
      Not at all. It's already a helping hand from the govt
Feb 15th 2021
13
           if its directly to daycare how does that help with bad parenting?
Feb 15th 2021
16
He wants to eliminate welfare/TANF (among other programs) to pay for it.
Feb 15th 2021
14
yeah thats the yangs ubi part that has me squinting
Feb 15th 2021
15
      dbl post
Feb 15th 2021
      It's nothing like Yang's UBI plan lol, what are you talking abt.
Feb 15th 2021
17
           somewhat in jest
Feb 15th 2021
18
                Yang's UBI proposal didn't *take away* any existing benefits tho lol
Feb 15th 2021
20
                     Yang's is Republican lite with better marketing
Feb 15th 2021
21
                          Lol I already know you only fuck with pure universal
Feb 15th 2021
22

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