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.
Also said that it would paid for by eliminating waste and fraud.
How is this an expansion of the welfare state? Letting people keep more of the money they earn is not welfare. As far as I can see, Donald Trump is proposing to leave the Earned Income Tax Credit, which is welfare, as is for now. The child care rules will make it easier for people to transition out of the EITC earnings range.
“Expanding the earned income tax credit for families who pay no income tax.
Where are you getting this? I scanned the article again and didn’t see this? “
I was listening to Trump make his proposal.
He said everyone could deduct childcare expenses. If someone didn’t pay income taxes they could get the amount of the deduction as an expanded earned income tax credit.
Then on their tax forms there will be a box that a person who pays no taxes can check to have $ 1,000 of their earned income tax credit applied to this new dependent care account and if the person checks that box the government will match its own contribution 50 cents on the dollar.
With ALL of the tax credits given to YUGE corporations all though I don’t like government involved in helping people to raise their own children why not help middle class people and take some tax deductions from corporations many of the loop holes from corporations NEED to be closed!!!
Your logic is... well - there isn’t any.
You Cruz haters built up this phony effigy and you’re still beating at it.
Please just give it a rest. I would have preferred Cruz although Trump is probably a better choice as I think Cruz would have lost the general. But now I’m supporting Trump even if he has a few big government tendencies. Let it go.
This is a very interesting angle to this proposal.
It doesn’t really matter because Congress is never going to put this proposal on Trump’s desk to sign. It’s a great talking point for the presidential campaign, though.
The corruptocrats are skimming a Trillion a year from the economy for the last seven years. Putting and end to this will be a big help.
Bring back the private orphanage, when children had a future.
funny you say that - ‘cause off prompter he mentioned about elderly family members doing the child-care would also get the tax credit. This, to me, is a win for keeping families together.
Thank you for referencing that article bob sunshine. Please note that the following critique is directed at Trump and his advisors and not at you.
Noting that I will gladly Vote Trump, please consider the following.
While federal tax deductions have the effect of eliminating unconstitutional federal taxes, taxes which the corrupt feds cannot justify under their constitutional Article I, Section 8-limited powers, patriots need to consider the following.
It remains that federal lawmakers still need to surrender 10th Amendment-protected powers that they have stolen from the states back to the states so that future federal lawmakers don’t try to exercise such powers again, once again stealing state revenues in the form of unconstitutional federal taxes.
On the other hand, the states can always amend the Constitution to expressly delegate appropriate powers to the feds to tax and spend for childcare purposes.
The states could always amend the Constitution to repeal such powers if they decide that it was a bad idea, or include an expiration date in the amendment.
Corrections, insights welcome.
He’s going after any and all fringe Democrats and independents in general. This reaches out to moms, wives, husbands, dads everywhere regardless of political affiliation.
What I like about this - it will drive the left nuts. These are supposedly liberal Democrat ideas. In the grand scheme, it’s fairly low cost and isn’t some “massive” government handout. It is targeted at people that work too, so if there was a topic to use to directly steal voters from Hillary this is a good one. It a very smart political move.
I can already see the heads exploding on CNN :)
I got no heartburn with people deducting child care expenses. Not while we let companies deduct moving factories overseas.
Oh, I see what you mean now.
From the Plan on the web site on how it will be paid for. Also, he will outline more in his Tax Plan later this week. Great Idea especially since the plan can be established for an elderly dependent, to cover a variety of services, including in-home nursing and long-term care.
Q: How Will The Plan Be Paid For?
•The child care plan is part of the comprehensive tax, trade, energy and regulation reform plan proposed by Donald Trump at the Detroit Economic Club. More details about his tax plan will be discussed later this week at the New York Economic Club. The child care plan itself can more than be offset by additional growth. About two-thirds of the entire Trump tax reform program will offset by the increases in economic activity that accompany pro-growth tax reform, better trade deals, regulatory and immigration reform, and unleashing American energy. The remaining one-third will be offset by minor changes in the current trajectory of spending for federal agency operations, excluding Defense, Veterans, Social Security and Medicare.
Yeah and we should add a few more to the list
I’ve been horrifyingly busy to the point I haven’t had time to post at all. But Trump’s plan is Pro-Family and brilliant. I support it 100%, and I suspect many working class Freepers do too. Women ought to be incentivized to stay home and raise their children. At the moment, the only people having kids are illegal aliens, and their kids—based on demographics and voting— are little bastards who hate America. Real Americans ought to be encouraged to have children to offset this imbalance, or else we’ll be Mexico in 20 or 30 years.
As far as this not being “conservative.” I can’t imagine anything more conservative than something that is actually supporting the family. Our medical costs are insane, easily 2x to 4x what the Europeans are paying. The medical care industry has us by the balls and there is no plan that anyone is offering to get them to let go. We are not living in a Libertarian-Economic utopia over here, with Trump screwing it up by adding a tax cut for your medical care expenses. We’re living in America 2016 where everyone is trying their best to screw us.
As for the complaints people are having over the nature of this tax break— not being available to people making 250k or more: I can’t fathom a single reason why Trump should make himself vulnerable to attacks of “another tax break for the rich!” just to make ideologues feel better about tax fairness. On a political level, the fact it is for the middle and worker class is just a brilliant move. It wins these people over, pulls the rug from beneath the Democrats, and attracts women. On a practical level, someone making 250k per year has no need of a children’s tax break. These people aren’t the ones going broke from medical costs. Regular Americans are. Why give them something they don’t need just to satisfy some abstract economic ideology? We have bigger priorities to fight right now, and this plan helps solve real problems Americans are having.
I believe the optics of this goes directly to finishing her off. This comes off as caring and yes...more government money BUT it is a small program - consider it low hanging political fruit. It takes votes directly from Hillary. Smart move imo.
The Dems are always promising stuff to get into the WH. How about we beat them at their own game for once. Get in the WH first, worry about this later...
Lots of waste and fraud done by illegals and refugees, so that’s a good start.
Agree. Many opining here clearly did not listen, nor have they read the plan.
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