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S 1393119th CongressIn Committee
American Family Act
Introduced: Apr 9, 2025
Sponsor: Sen. Bennet, Michael F. [D-CO] (D-Colorado)
Standard Summary
Comprehensive overview in 1-2 paragraphs
This comprehensive bill establishes a monthly child tax credit with advance payments, increases benefit amounts, and creates a new Social Security trust fund structure.
Key Points
- 1Creates monthly child tax credit of $300 ($360 for children under 6)
- 2Provides advance monthly payments to eligible families
- 3Increases first bend point percentage from 90% to 95% for Social Security
- 4Uses CPI-E for cost-of-living adjustments
- 5Establishes new Social Security Trust Fund and increases payroll tax base
Impact Areas
Families with childrenFederal tax policy and creditsSocial Security benefits and solvencyLow-income householdsFederal budget and entitlement programs
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