If you're feeling like you're in a financial squeeze right now, you'll want to know about the proposal called the Family Security Act 2.0, a program that to give American families between $250-350 per month for each child. Under this proposal, children ages five years old and under would receive $350 each month and the money would be sent to the parents.
According to new Tax Policy Center estimates of major elements of the FSA 2.0 framework, benefits would increase for nearly 60 percent of families with kids relative to how the law is right now. So that's very encouraging.
Here's how it works. For parents with a child between the ages of six to seventeen years old, the parents would receive $250 each month. It's important to state that this bill is just in the proposal stage right now and it's not law at this time.
A closer look at expenses in Florida
Let's take a look at why this is needed. Let's look at one of the biggest cities in the state: Miami. Currently in Miami, the average home cost is $562,992, which would mean an average mortgage of $2,400 each month, before property taxes if we assume that there is a 4.8% interest rate (source). What about other expenses? Well, according to Numbeo, the average estimated costs for a family of four before rent or mortgage is $4,341. The average salary in Miami is $4,257. If you do the math here, it is hard to see how many families are making their finances work right now. An average family spends more than the amount of income it brings in.
With the increase in costs for food alone, the numbers simply don't add up. With the Family Security Act 2.0, this stimulus money that comes to families could make a big difference in closing this gap financially. At this time, the Family Security Act is still in the proposal stage, so it will wait upon a vote to see if it becomes law.
What do you think about this new proposal? Feel free to share your thoughts in the comments.
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