Posted on 09/13/2016 4:44:33 PM PDT by bobsunshine
NEW YORK, NY – Today Mr. Trump will proposes an innovative plan to bring federal tax policies in line with the needs of today's families. His plan is not for the wealthy, but rather provides the biggest benefit to working- and middle-class families. This plan is needed because child care expenses are one of the largest expenses in many families, complicating a family's decision on how to care for young children. The Trump reforms will allow a family to make the choice of whether a parent should work outside the home or not without bias from the tax code. Having employed and empowered thousands of women at every level throughout his entire career, Donald Trump understands the needs of the modern workforce.
Proposals Contained In Mr. Trump Child Care Plan
PROPOSAL: The Trump plan will rewrite the tax code to allow working parents to deduct from their income taxes child care expenses for up to four children and elderly dependents. •The deduction is available for taxpayers who take the standard deduction as well as itemize deductions, and will be capped at the average cost of care for the state of residence. Individuals earning more than $250,000 (or $500,000 if filing jointly) will not be eligible for the deduction. For a family earning $70,000 per year in the 12 percent tax bracket with $7,000 in child care expenses, the deduction would reduce taxes by $840 per year. •The plan will offer child care spending rebates to lower-income taxpayers through the existing Earned Income Tax Credit (EITC). This could mean almost $1,200 per year per eligible family. •Mr. Trump's plan will ensure stay-at-home parents will receive the same tax deduction as working parents, offering compensation for the job they're already doing, and allowing them to choose the child care scenario that's in their best interest.
PROPOSAL: The Trump plan would create new Dependent Care Savings Accounts (DCSAs) so that families can set aside extra money to foster their children's development and offset elder care for their parents or adult dependents. These new accounts are available to everyone, and allow both tax-deductible contributions and tax-free appreciation year-to-year-unlike current law Dependent Care Flexible Spending Accounts (FSAs), which are available only if it is offered by an employer and does not allow balances to accumulate. •When established for a minor, funds from a DCSA can be applied to traditional child care, after-school enrichment programs and school tuition-contributing to school choice. To help lower-income parents, the government will match half of the first $1,000 deposited per year. •When established for an elderly dependent, a DCSA can cover a variety of services, including in-home nursing and long-term care.
PROPOSAL: Mr. Trump's plan will provide regulatory reform to promote new family-based and community-based solutions, and also add incentives for employers to provide child care at the workplace. The ability to set aside funds will be particularly helpful to women, low-income workers and minorities, who are statistically more likely to reduce time working outside the home in order to provide unpaid care.
PROPOSAL: The Trump plan will guarantee six weeks of paid maternity leave by amending the existing unemployment insurance (UI) that companies are required to carry. The benefit would apply only when employers don't offer paid maternity leave, and would be paid for by offsetting reductions in the program so that taxes are not raised. This enhancement will triple the average paid leave received by new mothers.
BTTT
As I see it the working man and woman has 2 jobs when they have children. People on welfare and Social Security have none. Workers should be our first priority. Takers come second.
Big picture folks. Let's win the WH first, then we can debate and pressure our Congresscritters to modify or block this.
Big picture folks. Let's win the WH first, then we can debate and pressure our Congresscritters to modify or block this.
Thanks for posting.
I dont like progressive taxes of any kind.
What did the people making 250k or more do to deserve not getting it? Go to school and work hard?
It is what it is.
I was a worker for 52 straight years (plus two tours in Vietnam)...Now I’m retired and I get SS...
You have a problem with that???
Small programs that won’t cost much and will provide some benefits to working families with children.
Long term we’d benefit from fewer special breaks in the tax code and lower tax rates for everyone, but ... This is the price of winning elections
I know this isn’t conservative as we’d all define it. It is family friendly and rewards workers rather than layabouts. And it’s going to help win. If we don’t win none of it matters. Even Burke woukd tell us that.
Repeal the 16th.
As I see it, I didn’t tell them to have kids.
Six weeks for what reason? Have you ever been on the working twice as hard part of this equation.
I don’t. I’ve been on SS for eight yrs. No raise for many yrs.
Once the workers get more money, then we can get our raises ie COLA
YOU HAVE HILLARY ON THE ROPES FREAKING FINISH HER OFF ALREADY !!!!
Bottom Line.
Yeah — We’re all Democrats now.
No problem here. As long as the corportists get their pork and deductions no reason main street shouldn’t too.
Yeah — We’re all Democrats now.
I don’t know about that. But it is 100% clear that AWOL Ted Cruz isn’t very interested in defeating Hillary & her SCOTUS.
He needs the woman vote to win.
It’s not a bad thing and it brings in more younger women.
As others above said, he has to win - and this is likely what it will take.
Yes, he has Hillary on the edge and he’s pushing her over now. He’s a winner and will do what it takes and this IS what it takes.
more burdens on business More cradle to grave. More, more, more
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