$4,000 of payment could come for millions of Illinois residents

Alissa Rose

Payments of $4,000 could come for millions of Illinois residents because residents are already facing so much financial and economic trouble due to the cost of living crisis and high inflation.

The U.S. Bureau of Labor Statistics report shows that the Consumer Price Index for All Urban Consumers increased by 8.8% over the previous, which is higher than economists' predictions.

However, the government also mentioned that every essential item's price has increased, including food, groceries, petrol, rent, and health care.

What are the details?

This new plan was introduced by United States Senators Mitt Romney (R-UT), Richard Burr (R-NC), and Steve Daines (R-MT); this plan is known as the Family Security Act 2.0.

According to this newly proposed plan, most parents with children under the age of 5 would get a $350 direct payment each month (more than $4,000 annually).

Families may claim benefits for up to six children annually and choose whether to receive the benefits annually or monthly.

Only 36.2% of Illinois residents do not have a family, which means 63.8% of the population would be eligible for benefits under this program if they had children.

Who is eligible for the Family Security Act 2.0?

  • As per this proposed plan, your yearly income must be $200,000 for single taxpayers and $400,000 for joint filers.
  • However, the family's annual income must be at least $10,000 to qualify for this plan. If the family's yearly income is less than $10,000, they will get a benefit based on that amount.

What do you think about this new proposed plan? Give your valuable opinion in the comment section, and if you think more people should read this article, share it on social media and with your friends and family.

Disclaimer: This article is for informational and educational purposes only.

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