$4,000 of payments could come for millions of Michigan residents

Alissa Rose

As we all know residents of Michigan already facing lots of financial and economic trouble due to the cost of living crisis and high inflation, and this payment could be very helpful for residents who are struggling in this challenging time and get them some relief.

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 home, 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.

Most parents with children under five would get a $350 direct monthly payment (more than $4,000 yearly) under this newly proposed plan.

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

In the approximate population of 10 million, only 36.5% of Michigan residents do not have a family, which means 63.5% 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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