For your information:
Based on a press release, and titled “The Family Security Act,” Senator Romney has proposed a monthly cash benefit of $350 to families for each child under the age of six—starting four months before birth—and $250 for each school aged child over six.
For a family having one child in each category, the cash benefits amount to $7,200 each year. Critics have dubbed the proposal basic universal income, similar to that proposed by Andrew Yang during his presidential run, as well as the restart of a previous welfare program but only expanded and enlarged. The monthly cash benefit will be payable to single parent families as well as to those where both parents are working. The press release touts the proposal as a panacea for reducing child poverty, promoting marriage, providing equal treatment for both working and stay-at-home parents, and reforming outmoded federal programs. Current spending under the Child Tax Credit Program and the Earned Income Tax Credit amounts to $188 billion a year, but under Senator Romney's proposal, spending would increase to $254 billion a year. To offset the increase, Senator Romney proposes to eliminate, among other things: (1) head of household status for tax purposes, (2) the state and local tax deduction (purported to benefit only upper income households), and (3) the Temporary Assistance to Needy Families program.