Money and finance news live updates: IRS letter 6475, claim $1,400, Child Tax Credit, tax returns…

There are alternatives to Child Tax Credit

Plans from Mitt Romney, the Republican senator, have yet to gain serious traction, but could provide a route for Democrats to continue some form of Child Tax Credit.

Due to rules in the Senate, a vote on the Child Tax Credit alone would need 60 votes to passmeaning 10 Republicans would need to vote with Dems.

His plan would provide a monthly allowance of $350 for children under age 6 in households earning under a certain threshold. Parents with children ages 6 through 17 would receive $250 per monththe same as the expanded child tax credit

The Niskanen Center, a centrist think tank, estimates that Romney’s plan would reduce child poverty by roughly one-third and deep child poverty by half.

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