09/26/2024 | Press release | Distributed by Public on 09/26/2024 11:46
WASHINGTON-U.S. Senator Mitt Romney (R-UT) introduced the Family Security Act-pro-family, pro-life, and pro-marriage legislation that would modernize and streamline antiquated federal policies into an expanded Child Tax Credit for working families. The bill is fully paid for by consolidating existing federal spending, increases the Child Tax Credit to $4,200 for each young child and $3,000 for each school-aged child, and creates a new $2,800 tax credit for expecting parents. While prior iterations have been released as a framework, this marks the first time that the Family Security Act has been introduced with bill text.
"When the Tax Cuts and Jobs Act of 2017 expires next year, the Child Tax Credit will be cut in half-leaving federal family policies inadequate, unpredictable, and scattered across the tax code," Senator Romney said. "My Family Security Act solves this by generously supporting families without adding a penny to the national debt. It is my hope that this legislation will serve as a starting point during tax negotiations next year. We must renew our commitment to support families raising children, and I urge my colleagues of the next Congress to do so in a fiscally responsible manner."
Background:
How the Family Security Act works:
Benefits of the Family Security Act:
"We applaud Sen. Romney for introducing the Family Security Act. Building a culture of life takes creativity and rethinking the status quo. The Family Security Act takes great strides towards this culture by providing support for parents of unborn children. Thank you, Sen. Romney for working to find real solutions to help parents as they prepare for the arrival of their babies." - Hon. Marilyn Musgrave, Vice President of Government Affairs, Susan B. Anthony Pro-Life America
"March for Life Action is grateful for Senators Romney's effort to actively support children inside and outside the womb along with their families through the Family Security Act. We at March for Life Action will continue to work alongside lawmakers to cultivate a culture of life, where both mom and baby lead lives of flourishing." - Jeanne F. Mancini, President, March for Life Action
The Family Security Act is endorsed by: Susan B. Anthony Pro-Life America, National Right to Life, American Principles Project, Americans United for Life, March for Life, Concerned Women for America, CatholicVote, Lutheran Center for Religious Liberty, Democrats for Life, and Feminists for Life of America.
Full text of the Family Security Act can be found here. A one-pager can be found here.