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.
Right...No COLA last year....
Thanks for posting. They propose that most of this plan would be paid for by growth. Not much detail on that, but says growth will come from tax reform, better trade deals and immigration reform.
Also says easing regulations on child care will help cost, which I agree with.
Gosh, I’m just thankful for Supreme Court Justices! ...and the Second Amendment ...and the tax cuts which will significantly help me (a senior citizen) immediately.
And I am so very thankful for Trump. So thankful he is helping our country get back on our feet. He is the ONLY one who can do this. Thank you, Mr. Trump.
God, pls keep him and his family safe.
I don’t know that it’s all that terrible for businesses.
“The Trump plan will guarantee six weeks of paid maternity leave by amending the existing unemployment insurance (UI) that companies are required to carry.”
Do not agree with Trump on this at all.
Expanding the earned income tax credit for families who pay no income tax.
What’s not to like?
An economy that is unfettered will allow many more families to live more comfortably on one income, too. And, to be sure, divorce will surely be reduced when working people ....or self employed people....don’t lose half of income to taxes and regulatory expenses. Happiness is keeping what you earn and ‘building that’.
16th Amendment
Amendment XVI
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.
- - - - - - -
Until this is repealed, or declared null and void because of the way it was ratified, what Donald Trump is proposing is Constitutional. This seems to do something positive for working families, especially with two parents.
Remember, the there are 9.9 million more government workers than manufacturing workers right now. That ratio has to be reversed in order to return to a Federal Government funded by tariffs, duties, and apportionment among the several states.
So, by all means, we need to win the White House with Donald J. Trump. He is our last chance.
Dependent Care Savings Accounts
Anyone can put in $ 2,000 a year for dependent care.
If a poor person puts $ 1,000 in the government will match $ 500.
A poor person can use his Earned Income Tax Credit for the $ 1,000 contribution.
So the government gives a poor person $ 1,000. The person puts the money into this fund and the government matches its own contribution.
What a brilliant expansion of the welfare state.
I think it is a great idea.
It will help get Democrat votes and Independent votes and women to vote Trump,
TWB
I just got off a conference call with Ken Cuccinelli and the “Senate Conservative Fund” talking about the Senate election in Colorado and Arizona’s Fifth Congressional District. Donald Trump’s name was not mentioned at all during the call. These Ted Cruz “Conservatives” are truly delusional.
that increases costs. also having employees leave for long periods of time is inherently costly.
Are there no prisons? Are there no workhouses?
This is going to put Conservative congressmen and senators in a difficult position.
Do they agree to this major expansion of the welfare state because this time a Republican proposed it? Or do they stick to their goal of a smaller government?
It’s going to leave lots of conservatives confused, especially if Trump loses. How do you disagree with Hillary expanding the welfare state when Trump is proposing it himself?
6 weeks after having a baby? I suspect most companies pay for that now. My employer already did and if not, I don’t think six weeks after having a baby getting unemployment type insurance is a terrible thing.
Anyway, he’s working on it to get the woman vote, primarily young women, he has to have it. Also why he had Ivanka introduce the program.
He has to win, if he loses - we get Hillary.
Suck it up buttercup.
A tool for winning. Appropriating the family-child care issiue from the Democrats the same way he appropriated the Republican party out from under Romney and Cruz. Brilliant!
I had to turn it off-—I was horrified.
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LOL, you’re right, but at least this incentivizes them to spend the money on actual dependent care rather than beer and tatoos.
But after listening to all the requirements for this tax credit for child care we have to ask...
What happened to our tax return that would fit on a postcard?
The last guy, Cruz, who proposed that couldn’t even win a majority on FR.
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