{"id":11557,"date":"2017-01-06T12:06:01","date_gmt":"2017-01-06T17:06:01","guid":{"rendered":"https:\/\/gtm.com\/household\/?p=11557"},"modified":"2020-04-06T10:59:36","modified_gmt":"2020-04-06T14:59:36","slug":"trumps-plan-cut-child-care-costs-moves-forward","status":"publish","type":"post","link":"https:\/\/gtm.com\/household\/trumps-plan-cut-child-care-costs-moves-forward\/","title":{"rendered":"Trump\u2019s Plan to Cut Childcare Costs Moves Forward"},"content":{"rendered":"
\"ivanka-trump-child-care-costs\"

Ivanka Trump has already met with members of Congress to discuss cutting child care costs.<\/em><\/p><\/div>\n

As Inauguration Day draws near, we\u2019re getting a clearer picture of President-elect Donald Trump\u2019s priorities when he takes office. Reducing childcare costs was a centerpiece of Trump\u2019s proposed tax plan during the campaign. It remains a focal point as he seeks Congressional support for his proposals.<\/p>\n

“I am delighted to see that we’re looking at options for tax credits, tax incentives, ways for moms and dads to be able to write-off this child-care cost,” Rep. Marsha Blackburn, R-Tenn., recently told Jake Tapper on CNN\u2019s “State of the Union.”<\/a><\/p>\n

Blackburn has been working with Trump\u2019s daughter Ivanka on childcare legislation.<\/p>\n

Childcare Discussions with Congress<\/h3>\n

Ivanka has already met with members of Congress. She discussed her father\u2019s proposal for an above-the-line deduction that would be capped at the average cost of childcare for the age of the child in the taxpayer\u2019s state.<\/p>\n

Families making less than $500,000 annually and single parents making less than $250,000 a year would be eligible for the deduction.<\/p>\n

All families \u2013 regardless of income level \u2013 would also be able to establish Dependent Care Savings Accounts. These would be set up to help pay for the childcare of specific individuals, including unborn children.<\/p>\n

“You want to know your children are well cared for,” she said. “And there ought to be a way to have a savings account that you can start saving from on day one to help with those costs, because you know, it’s important to your life\/work balance and the life of your family,” Blackburn said.<\/p>\n

Impact on Legal Employment<\/h3>\n

Trump\u2019s proposed child care deduction<\/a> could also encourage more domestic employers to pay their nannies \u201con the books.\u201d They would obviously need to report the amount they pay their employee to take advantage of the deduction.<\/p>\n

This could then increase the amount collected in federal income taxes from nannies (whose wages are now not being reported) and the amount paid into Social Security and Medicare.<\/p>\n

It\u2019s estimated that there is more than $2.1 billion in unpaid federal income taxes and $4.6 billion missing in Social Security and Medicare contributions from employees who are paid \u201cunder the table.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

As Inauguration Day draws near, we\u2019re getting a clearer picture of President-elect Donald Trump\u2019s priorities when he takes office. Reducing childcare costs was a centerpiece of Trump\u2019s proposed tax plan during the campaign. It remains a focal point as he seeks Congressional support for his proposals. “I am delighted to see that we’re looking at […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[80],"tags":[107,108,113],"class_list":["post-11557","post","type-post","status-publish","format-standard","hentry","category-tax-wage-laws","tag-child-care-costs","tag-tax-deductions","tag-trump-tax-plan"],"yoast_head":"\nTrump Advances Proposal to Help Reduce Childcare Costs<\/title>\n<meta name=\"description\" content=\"Cutting child care costs was a big piece of Trump\u2019s tax plan during the campaign. 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