Plans To Use Taxes And Saving Accounts For Children And The Elderly
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Politics and Activism

Plans To Use Taxes And Saving Accounts For Children And The Elderly

Donald Trump and his daughter Ivanka on childcare

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Plans To Use Taxes And Saving Accounts For Children And The Elderly
(AP Photo/Charles Rex Arbogast)

Presidential nominee Donald Trump and his daughter Ivanka Trump gave a speech Tuesday night on the subject of child care and elderly dependents.

Mainly focusing on single parents and the working class being able to afford the expenses of child care.

Ivanka Trump started the night off with an emotional speech about the struggle of individuals being a single working parent while at a low wage job and struggling to care for a child.

After she announced her father onto the stage with a warm embrace.
Trump started his speech, in the same way, sliding a small comment about his opponent, Hillary Clinton saying that she has no plan for this issue and probably will never have one.

Trump continued onto his plan starting with the tax code to allow working parents to deduct from their income taxes for child care expenses for up to four children and elderly dependents.

People who make $250,000 or ($500,000 jointly) will not be eligible for the deduction. However, for a family earning $70,000 per year in the 12 percent tax bracket will give $7,000 in child care expenses, the deduction would reduce taxes by $840 per year

This 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.

With this, also comes a Dependent Care Savings Accounts so that families can save money for a child that looks over the child's development and can also take care of elder dependents.

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.

This plan will directly affect low-wage working single mothers and fathers making the weight on these parents a little more bearable.

A great proposal that is in this plan is that women will gain six weeks of paid maternity leave after amending the existing UI (unemployment insurance) This will also greatly affect both parents who are at low wage jobs.

This plan will massively effect the lower and middle class for the better. This issue is long overdue and now we finally have a candidate who is focusing on the problems that never get any attention.

This is just some of the insight from the Donald Trump childcare plan. You can read more at www.donaldjtrump.com

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
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