Yes. According to the Niskanen Center, the FSA 1.0 would reduce child poverty by roughly a third and deep child poverty by roughly 50%. As a result of changes made to the initial proposal, the Niskanen Center estimates that the FSA 2.0 would reduce child poverty by a smaller 13%. This is still a large number of children, however: a 13% reduction means that over 1.1 million children would be lifted out of poverty.

The Family Security Act replaces the current partially-refundable $2,000 per child child tax credit (CTC) with a monthly cash benefit totalling $3,000 per child ages 6–17 and $4,200 per child ages 0–5. The FSA 1.0 also eliminates the CTC's phase-in, enabling very low-income families to receive the full benefit; the FSA 2.0 retains a phase-in, but phases in more rapidly than the CTC. Additionally, the Family Security Act eliminates the child and dependent care credit and the head of household filing status, and uses the savings to fund the larger child benefit. The Family Security Act also simplifies the earned income tax credit (EITC), with reductions used to fund the larger child benefit. Finally, the Family Security Act eliminates the state and local tax (SALT) deduction, which primarily benefits high earners in states with higher state and local taxes, to fund the larger child benefit.

Most families will see their benefits increased. Additionally, the FSA increases EITC benefits for low-income childless people.

Low-income childless people are eligible for a larger earned income tax credit (EITC) under the Family Security Act. Lower income childless people who are married, in particular, see their benefits increased substantially.

Most people who will see reduced benefits are high earners in higher-tax states, as a result of the elimination of the state and local tax (SALT) deduction. However, because the earned income tax credit (EITC) for people with dependents is substantially reduced by the Family Security Act, about 7 million single-parent familes would see their benefits reduced, according to the Center on Budget and Policy Priorities.

The FSA 1.0 did not include a phase-in for the child benefit. This differs from the current child tax credit, which deliberately excludes children in very poor families from receiving financial assistance. The FSA 2.0 re-added a phase-in for the child benefit, presumably to allay the concerns of some members of Congress who believe that if we do not threaten our nation's poorest children with total deprivation then their parents might not get a job.

The FSA is funded by the repeal of the state and local tax (SALT) deduction and by consolidating a number of existing family benefits into the new child benefit, which includes reducing the value of the earned income tax credit (EITC) for families.