By Danielle Chavira

DENVER (CBS4) – Colorado Sen. Michael Bennet says he has a plan to cut childhood poverty by 45%. President-elect Joe Biden included that plan in his COVID-19 stimulus package.

The American Family Act, parents would receive $300 per month ($3,600 per year) for children younger than 6 years old, up from the current maximum of $2,000 per year, and $250 per month ($3,000 per year) for children under 17.

READ MORE: Check Out The Winning Entries In The Iconic Colorado Driver's License Contest

(credit: CBS)

Unlike the current Child Tax Credit, which doesn’t benefit parents who make too little to pay income tax, this would apply to all couples who make less than $200,000 a year and all single parents who make less than $150,000 a year.

READ MORE: 'We Heard Bam! Bam! Bam!': 11-Year-Old Boy Shot In Aurora Sunday Night

They would receive payments monthly instead of when they file a tax return.

“Some say that’s expensive. It will be, but childhood poverty costs us a trillion dollars a year, and our numbers getting worse not better, while other countries getting better. Every dark moment I’ve had in last few years will have been worth it if we get this thing over the finish line,” said Bennet.

MORE NEWS: Without Active Spring Snow, State's Snowpack On Track To Be Below Average

The bill would cost an estimated $100 billion a year, but Bennet says it will save far more by giving kids in poverty a way out.

Danielle Chavira