Americans to Get More Monthly Payments in New Bill

Americans could be receiving more monthly payments in their bank accounts under a new proposed bill in the Senate.

Ohio Democratic Senator Sherrod Brown is planning to introduce a new bill that will expand the Earned Income Tax Credit and the Child Tax Credit, Punchbowl News reported Wednesday. Senators joining Brown on the legislation include Colorado's Michael Bennet, New Jersey's Cory Booker, Georgia's Raphael Warnock, Oregon's Ron Wyden and Dick Durbin of Illinois.

A press release obtained by Newsweek says that the legislation would increase the child tax credit "to $3,000 for kids 6-17 and $3,600 for kids 0-5."

The new legislation comes as several states have offered additional checks for residents for a variety of reasons.

New Mexico Governor Michelle Lujan Grisham this year announced a rebate check for residents worth $500 for single tax filers and $1,000 for married filers. The rebates were because of a budget surplus after the state gained more money from high oil prices and its high oil production.

In announcing his legislation, Brown said: "Families are working harder than ever but have less and less to show for it. Corporations have raised prices to pad their profits, the cost of child care continues to rise, and parents can't keep up, no matter how hard they work.

"Our plan would put more money back in the pockets of working families, and help parents afford all the extra expenses that come with raising children."

The release also says that the legislation will deliver the child tax credit monthly "providing a reliable source of financial stability so families can better keep up with the cost of living." The legislation increases "the incomes of 40 million households, including 65 million children."

Additionally, House Committee on Ways and Means announced Tuesday that it passed the Tax Cuts for Working Families Act, which seeks to provide families with "much-needed tax relief and alleviate the pain of the Biden inflation crisis." The legislation would provide families with checks worth $4,000 annually if it becomes law.

"With this bill, we make a historic investment in the working Americans and families that are the backbone of our great nation, in direct response to the concerns they have shared with this Committee about the spike in cost of living in our hearings across the country," said House Committee on Ways and Means Chairman Jason Smith of Missouri.