Payment of $4,000 could come for millions of New York residents because surging prices for food, gas, and housing that are already putting the squeeze on New York residents could go even higher, and families are also struggling with their daily expenses.
People with low incomes in New York are having serious problems as a result of rising costs for a wide range of consumer products. So this payment could be very beneficial for struggling residents in this challenging time and get them some relief.
According to the U.S. Bureau of Labor Statistics, rising inflation causes residents of New York to pay more for their daily expenses, such as groceries are 8.3% higher, and other basic necessities are 13.2% higher than in the rest of the country.
In New York, the Consumer Price Index for All Urban Consumers increased by 6.3% compared to the previous year which is higher than economists' prediction.
However, in New York, more than 50% of the family in this state are now struggling to pay their usual household expenses.
What are the details?
This new plan is called the Family Security Act 2.0, and it was introduced by United States Senators Mitt Romney (R-UT), Richard Burr (R-NC), and Steve Daines (R-MT).
According to this newly proposed plan, 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 20.44 million, only 37.04% of New York residents do not have a family, which means 62.97% 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.
Comments / 280