Jack Schlossberg, Democratic candidate for New York House seat, proposes monthly Child Tax Credit payments
Jack Schlossberg, a Democratic congressional candidate in New York, has put forward a groundbreaking plan to enhance the IRS Child Tax Credit by making payments monthly instead of annually. This initiative, dubbed the “Monthly Moms Bonus,” aims to provide additional financial support to families and children in need.
The campaign proposes funding the increased benefit payments partly with the $1 billion that some Senate Republicans are considering allocating towards the White House State Ballroom. However, it is important to note that this GOP funding for White House security updates has not yet been approved by the Senate, leaving the future of this financing source uncertain.
Schlossberg plans to cover the remaining costs of the enhanced Child Tax Credit through proposed tax reforms. This innovative approach seeks to ensure that families in New York City receive the necessary financial assistance on a regular basis, rather than waiting for a lump sum payment at the end of the year.
As the grandson of former President John F. Kennedy, Schlossberg is set to unveil this plan at a campaign event on Mother’s Day, alongside his mother, Caroline Kennedy. In a statement, he emphasized the importance of providing immediate financial relief to families, stating, “I want to deliver a robust child tax credit that is deposited monthly into the checking account to be used right away.”
Currently, the existing annual Child Tax Credit offers up to $2,200 per qualifying child. Schlossberg’s proposal includes two phases. The first phase involves monthly direct deposits of these payments into parents’ bank accounts. The second phase aims to expand the Child Tax Credit to levels seen during the COVID-era American Rescue Plan, providing $300 per month for children under six and $250 per month for older children.
This plan would apply to all U.S. tax filers who qualify for the tax credit, offering much-needed support to families across the country. In New York’s 12th Congressional District, Schlossberg is vying for the seat currently held by retiring Rep. Jerry Nadler. The district encompasses Manhattan neighborhoods such as Midtown, the Upper West Side, and the Upper East Side.
With endorsements from prominent figures like Nadler’s former aide Micah Lasher, Schlossberg faces competition from other candidates in the upcoming primary election. These include New York State Assemblyman Alex Bores, Lincoln Project co-founder George Conway, and public health researcher Nina Schwalbe.
Overall, Schlossberg’s proposal to enhance the Child Tax Credit and provide monthly payments reflects a commitment to supporting families in need and ensuring financial stability for children across the country.
