Everyone knows that kids are expensive, but when you factor in inflating prices on groceries, gas, and pretty much everything else, balancing a family budget can be downright impossible.

Young couple planning family budget with laptop computer and making notes
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Millions of families got some relief last year with the child tax credit, but now that prices are even higher on certain necessities, will more help be coming our way soon?

Proposal for a New Child Tax Credit

According to centralillinoisproud.com,  Senators Mitt Romney, Richard Burr, and Steve Daines have proposed the Family Security Act 2.0 which would once again give monthly checks to qualified families, but some experts say this plan may not be all it's cracked up to be.

How Much Money Would Families Receive Monthly?

Under the proposed plan;

families would receive $350 a month for each child 5 years old and younger, amounting to $4,200 a year, and $250 a month for children between the ages of 6 and 17, totaling $3,000 a year.

Ok, this sounds good. What's the problem with it?

First off, to qualify for full benefits, families would have needed to make at least $10,000 in 2021. If families made under that amount, they will only qualify for half of the tax credit amount. This is where experts say the biggest problem with the plan lies.

Basically, some lawmakers and financial experts, including The Center on Budget and Policy Priorities, say that the Family Security Act 2.0 fails to provide for very low-income and no-income families that need the most help.

So, is there a plus side to the plan or should we just kiss the thought of this additional tax credit goodbye right now?

Central Illinois Proud's article also says The Center on Budget and Policy Priorities "commends the plan for phasing in the credit after the family earns its first dollar – not the $2,500 required by current law – and eliminating the maximum on how much a family can receive as a refund.

Will this new child tax credit actually pass? I guess we'll just have to wait and see.

LOOK: Here are 25 ways you could start saving money today

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