Trump is Proposing New Federal Subsidies for Childcare

[Michael]

Trump made a speech on Tuesday proposing new federal subsidies for child care. He would allow childcare to be tax deductible. That would be a boon for the daycare industry.

http://blogs.wsj.com/washwire/2016/09/13/donald-trump-unveils-child-care-subsidy-aimed-at-women-suburban-swing-voters/

"Mr. Trump’s proposal calls for allowing taxpayers — both those who take the standard deduction and those who itemize deductions — to deduct child care expenses up to an amount equal to the average cost of care in the state."

[MissAnn]

I saw this too great news! I don't like him as a person but I hope if elected he will fix the Obamacare mess too.

[Cat Herder]

http://www.nbcnews.com/politics/2016-election/comparing-trump-clinton-s-child-care-plans-n647711

"Trump: Working parents - and parents who stay home to care for children - can deduct the costs on their taxes via the Earned Income Tax Credit. The campaign estimates that middle class families could receive a $1,200 tax break.

Trump also proposes a Dependent Care Savings Account that allow the accumulation of funds and are tax deductible and appreciate tax free. Dependent care accounts already exist but must be used by the end of the year and only available through an employer.

Clinton: She wants to cap child care costs at ten percent of a family's income. To do that, she'd rely on tax cuts or state block grants for the government to subsidize costs exceeding ten percent."

I like the tax free savings account idea. It encourages and rewards those who believe in personal accountability. The tax break for parents who stay home also reinforced that point.

"For the government to subsidize"... umm, we know where the governments money comes from. (see above) Spin changes nothing.

[Cat Herder]

"Trump: Trump doesn't offer leave for fathers, but his maternity leave plan would guarantee six weeks of paid maternity leave in the form of unemployment insurance, which is capped at a percentage of income in many states.

Clinton: Clinton's plan guarantees 12 weeks of paid family leave - for mothers and fathers with at least two-thirds of their salary. It would be paid for by raising taxes on the wealthy."

I think that if Trump would allow for either parent to take family leave, removing gender bias, he'd have a winner.

Obviously, Mom would need a few days to recover from birth, but wouldn't her sick leave already cover that?

[daycarediva]

http://www.nbcnews.com/politics/2016...-plans-n647711

"Trump: Working parents - and parents who stay home to care for children - can deduct the costs on their taxes via the Earned Income Tax Credit. The campaign estimates that middle class families could receive a $1,200 tax break.

Trump also proposes a Dependent Care Savings Account that allow the accumulation of funds and are tax deductible and appreciate tax free. Dependent care accounts already exist but must be used by the end of the year and only available through an employer.

Clinton: She wants to cap child care costs at ten percent of a family's income. To do that, she'd rely on tax cuts or state block grants for the government to subsidize costs exceeding ten percent."

I like the tax free savings account idea. It encourages and rewards those who believe in personal accountability. The tax break for parents who stay home also reinforced that point.

"For the government to subsidize"... umm, we know where the governments money comes from. (see above) Spin changes nothing.

agree with this!

[Blackcat31]

I like the tax free savings account idea. It encourages and rewards those who believe in personal accountability. The tax break for parents who stay home also reinforced that point.

"For the government to subsidize"... umm, we know where the governments money comes from. (see above) Spin changes nothing.

I like ANYTHING that encourages, supports and promotes PERSONAL ACCOUNTABILITY.

It's part of our curriculum themes, program content and over all philosophies.

[Mad_Pistachio]

without taking sides (not right this minute).
we have that account for dependent care. it's 5K a year. our DC costs somewhere around 6.5K (I don't remember exact number). and we are talking 1 child in a place where DC is not too expensive. well, Montessori is another story, but we go to a regular one.
my friend lives in DC and has 2 kids. her DC costs her 10K per year per child. so, that account covers a whopping half a child. she laughs when I talk about it.
nervously.

[Cat Herder]

my friend lives in DC and has 2 kids. her DC costs her 10K per year per child. so, that account covers a whopping half a child. she laughs when I talk about it.
nervously.

I understand that. I can't afford to live in DC, either.

[Cat Herder]

"The Trump plan will reduce regulations that disproportionately favor center-based care to create a new, dynamic market for family-based and community-based solutions. Families will be given the power and information to choose who will be providing care and where that care will be provided without fear of loss of government benefits. The marketplace will be free to develop alternatives that provide care where needed, and at the times when people who work irregular hours need care."

Ok. I am scared to hope <<< see what I did there.

Is it really possible?

[MunchkinWrangler]

....and people rag on me for being a Trump supporter.

He is a businessman and understands running a business according to regulations.

I couldn't find a better way to help the private family child care provider than this solution, especially when current legislation is slowly taking away from a small business sector creating more working poor or unemployment. This is a sound decision to help the economy as well.

Trump 2016

[Cat Herder]

....and people rag on me for being a Trump supporter.

He is a businessman and understands running a business according to regulations.

I couldn't find a better way to help the private family child care provider than this solution, especially when current legislation is slowly taking away from a small business sector creating more working poor or unemployment. This is a sound decision to help the economy as well.

Trump 2016

I had not made up my mind. :confused: I laughed when he made his announcement that he was running. I thought it was a joke. Satire as a political statement against Robin Hood politics.

If it turns out to actually have been a joke in November, I am going to be so...... Still feels surreal, like when Ron Jeremy and Tammy Faye became roomates.

[daycarediva]

I have been recently sold and will be voting for Trump as well. His policies on many things are just plain good business and common sense.

I was going to vote for Bernie, despite being a conservative.

[daycarediva]

without taking sides (not right this minute).
we have that account for dependent care. it's 5K a year. our DC costs somewhere around 6.5K (I don't remember exact number). and we are talking 1 child in a place where DC is not too expensive. well, Montessori is another story, but we go to a regular one.
my friend lives in DC and has 2 kids. her DC costs her 10K per year per child. so, that account covers a whopping half a child. she laughs when I talk about it.
nervously.

The account wasn't intended to completely cover dc costs, it was intended to be a supplement to them. I had 3 in dc before there were even such things.

Kids are expensive!

[MunchkinWrangler]

I had not made up my mind. :confused: I laughed when he made his announcement that he was running. I thought it was a joke. Satire as a political statement against Robin Hood politics.

If it turns out to actually have been a joke in November, I am going to be so...... Still feels surreal, like when Ron Jeremy and Tammy Faye became roomates.

That's the way I felt about the last 3 elections!!!

This will be the first year I will go out to vote since 2004!!! Don't want to get too deep into politics but we need to get our economy back. There have been not a lot of sound legislation passed over the past years and it is creating more and more issues for our country.

May the best man/woman win!

[Cat Herder]

we have that account for dependent care. it's 5K a year.

"Annual contributions to a dependent care savings account and earnings on the account will not be subject to tax. Immediate family members and employers will also be able to set aside funds in these accounts, which will be established for the benefit of specific individuals, including unborn children. Total contributions could not exceed $2,000 per year from all sources, but balances in a DCSA will rollover from year-to-year so that substantial amounts could be accumulated over a period of years.

When established for a child, parents can use the accumulated funds to enroll their kids in a school of their choice or for other enrichment activities that prepare them for their future. Funds remaining in the account when the child reaches 18 can be used for higher education expenses. To encourage low-income families to establish DCSAs for their children, the government will provide a 50 percent match on parental contributions of up to $1,000 per year. That’s an extra $500 per child for families that qualify. This will encourage savings, and position families to be better able to withstand the unexpected costs of childrearing.

When established for an elderly dependent, the funds can be used for adult day care, in-home or long-term care services. The ability to set aside funds tax-free would be particularly helpful to women, low-income workers and minorities, who are typically primary care providers that reduce paid time worked in order to provide care. The ability to set aside funds for elder care is critically important because taking time off from working to care for elderly family members reduces a woman’s financial readiness for retirement, and can increase a woman’s risk of living in poverty in old age."

https://www.donaldjtrump.com/positions/child-care-reforms-that-will-make-america-great-again