This is awesome though:
“The first part of my childcare plan allows every parent or family in
America — including adoptive parents and foster parent guardians — to
deduct their childcare expenses from their income taxes.”
Trump is to allow “every parent in America to open up a Dependent Care Savings Account. Families can contribute up to $2,000 a year to these accounts completely tax-free.”
Less Taxes.
Allowing parents to deduct their child care expense is no different than allowing home owners to deduct their mortgage interest. People who are saying if you want a child pay for your child yourself are not considering all the tax deductions allowed for other things that the same statement could be made, such as owning a home. It could be said if you want to own a home don’t expect a deduction for mortgage interest or if you have high medical bills don’t expect a deduction cause you are responsible for your own health care/heath insurance.
Unless you are a homeowner or have extremely high out-of-pocket medical expenses it is very difficult to have enough deductions to itemize. If you don’t itemize you are not allowed to deduct charitable contributions, medical expenses, employee business expenses, gambling winnings, real estate taxes, etc.
If the deduction of child care expenses is on the schedule A it will help balance the scale to allow working parents who were ineligible to itemize in the past to take advantage of other deductions they previously could not take.
Those exist now, managed by companies who offer them. Who will manage them for the self employed or for people working at companies which don't offer them?
If you want less taxes, then CUT TAX RATES. Cut spending, too. Eliminate whole programs and agencies. Targeted tax credits are social engineering, something the Fed Gov has zero authority to do.