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.
How is it unconstitutional?
A savings account for elder care is an incentive for adult children to take care of their parents for a longer period of time instead of warehousing them at government expense. Allowing interest-bearing tuition savings that run 18 years (18K before interest) reduces the demand for student loans - more expense reduction. I’m pretty sure part of child care can be deducted already, but welfare offices still administer the paying of a lot of childcare for working poor (miles of monthly paperwork) - we get rid of that function and submit the documentation with the tax return. Six weeks PAID maternity leave is about time and pro-life. It eliminates a woman getting unpaid leave, to return only to be pushed out by a company at a time when she desperately needs the income. I don’t see this plan as a giveaway because the DCAs require real money investment (individual responsibility) on a long-term basis to get the gain. Don’t invest - no gain.
My girlfriend had lots of chemotherapy and lots of side effects. She died anyway.
SOCIAL SECURITY IS NOT, NOT, AN ENTITLEMENT!!
Demography declining they are filling in the gaps with “immigrants and refugees”
Makes sense to funnel saved dollars from IA dependency into scaffolding healthy families after the scorched earth globalism agenda.
Deporting trespassers and taxing remittances the entire time. It should provide the backbeat to this plan.
But Ivanka started in with that “we are the only industrialized country who doesn’t do X” crap ... The Donald should have just stuck with tax deductions and left it there.
People on Social Security are not takers.
They paid into the only game in town for forty years or more you dolt.
Ivanka just said while on with Kelly, “we have to expand leave”. Huh??? No, we don’t. This is a democrat way of thinking. And, who is the “we” she is referring to? It is the taxpayers, and we are already $20 trillion in debt.
While this may help win the election, helping people get child care is not a legitimate duty or role of the our limited Federal Government. Just as it is not the place of the federal government to force people to buy health insurance. This is so frustrating, when Republicans are forced to try to “out-entitle” the dems.
I agree! Reward the working mothers and middle class families. More mothers working instead of staying home due to child care costs equal less people on food stamps and other government programs.
I think this is interesting in that in encourages saving and planning both for children and for the elderly/other dependents. It doesn’t favor working parents over stay-home parents. It also helps wanna-be parents and perhaps will stem the tide of people waiting or choosing not to have kids. One step at a time folks. Ideally government does not do anything outside the Constitution but right now we are so far out of bounds it’s ridiculous. Get people back into a habit of saving to pay for things themselves. Trump’s tax plan makes many positive changes in addition to this regards child care deductions.
Paid leave through ui will help mothers return to work instead of losing their job when they give birth. Mothers who lose their job and who can’t find a new job after having a baby only adds more people to the food stamp roll and eligibility for earned income credit due to lower income
“child care spending rebates” through EIC is not necessarily an expansion. Right now (or at least when I was low income with kids) the EIC is just income based and child based. But if you are paying for child care yourself (as I was) that is out of pocket throughout the year. so perhaps this is a different calculation of the EIC and not just more free money. Because EIC is just other people’s money. Obviously I don’t know the details, but Trump’s thinking is generally to encourage and help people to become successful. He knows handing out money does not do that. But helping people take care of their families and work, does.
And if they check the box it will cost the government less to match their contribution to the account than to pay for the child care and it will cost less if that mother works than stay home on government programs.
thanks
I was afraid that came off as sounding cruel.
Could we write in a clause that you get it if you’re married or at least engaged? :) That would make me feel better.
I get conflicted on this one, though as a conservative it should be cut and dry.
I’ve know attorneys that went back to work in TWO WEEKS!! Your baby is at home!!
But I shouldn’t judge.
What do I know? I’m a disaster lol
It’s just not affordable anymore.
I think he was referring to those who never paid into SS.
Perhaps it may increase costs. Many large companies already provide this. Then there is FMLA, no pay, but job protection.
I worked for a large Corp when pregnant. They offered 6 weeks related. I had to take a week off before birth, so I had 5 weeks at home. Thank goodness for Mom watching my baby then even after school. . I don’t know how women can work all day after leaving their child in a day care. I would not have been able to concentrate.
He’s throwing the libs a bone. Hopefully, the EITC potion of this (welfare) will never see the light of day.
I am muffed at this whole deal. We have women who stayed home to raise kids and are now trying to live on 500.00 a month social security and have had no COL raise in several years. They have to decide between medication and food. Some of these women worked outside of home also and did not bring in the big money. If the kids needed anything the women had to be off work and were the primary care giver.
Has Trump said ANYTHING about social security?
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