5 things you should know about Senator Romney's new plan to give families up to $4,200 a year per child:

1. It would greatly reduce child poverty.

Romney's plan would cut the child poverty rate by 33% and reduce the child deep poverty rate by 50%.

2. It would help a wide variety of families.

Romney's proposed child benefit would be available to households, regardless of:
* Whether the parents are married
* Whether the parents pay for childcare
* Whether the parents have earned income

3. It would not add to the federal debt.

Romney has identified several pay-fors for his proposal, so that it wouldn't increase the federal deficit. These include:
* Raising taxes on the upper-middle class
* Consolidating other child-related federal programs.

4. It would give extra assistance to families with young children and not-yet-born children.

The base benefit in Romney's proposal is $3000/child/year. But for children ages 0-5, the benefit would be $4200/child/year. And it would be available starting four months before birth.

5. It would simplify the tax code and the welfare state.

The Romney plan would eliminate one deduction, one credit, one filing status, and one spending program — folding them all into a simple, easy-to-understand, easy-to-administer, monthly cash benefit.

For more information, see:
https://www.romney.senate.gov/sites/default/files/2021-02/family%20security%20act_one%20pager.pdf

And here's an analysis from @hamandcheese and @Robert_t_Orr:
https://www.niskanencenter.org/wp-content/uploads/2021/02/Analysis-of-the-Romney-Child-Allowance_final.pdf