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.
You have to ask yourself a question though: when you look at statistics showing that healthcare costs are crushing our workers and middle class, is it "buying votes" to offer relief, or is it addressing an actual, tangible problem?
SO, the paid leave will be provided by the unemployment insurance that is partially funded by the employer for each employee as mandated by law.........
I don't have a problem with that considering I spent my life in a manufacturing environment in Detroit at a time when employees were getting temporary layoffs every few weeks and collecting unemployment.........
Thank you. An expression of sanity.
The knee jerking was giving me gas.
Where have you been? The idea of small government (that I love, love, love) has been dead for generations.
It’s going to take generations to get back to that if ever. We must keep our eyes on obtainable goals. Small government happening tomorrow, or next week, or next year, or the next 5 decades isn’t one of them.
For an example (I’m just making up numbers): Trump reduces existing government by 15% but adds something that increases government by 5%. Did we small government people win? I say yes.
This is typical leftist nonsense. First create the problem with big government, then insist more big government is what’s needed to solve the problem. Which will only make things worse and we’re in a vicious cycle of needing more big government.
Making things worse is what the Republicans (and Democrats) have been doing for quite some time, insomuch that they are largely controlled by big pharma to begin with and thus support their practices. Just ask the TruCons and their list of donors.
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