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Keep quality child care affordable

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When it comes to reviving the economy, it’s not enough just to create jobs. For working parents of all income levels, finding quality and reliable child care can be a nightmare. The options are especially limited for people with tight budgets, who earn modest salaries and struggle to pay the bills. Government has long helped some low-income working parents pay for their child care. That’s money well spent. Providing quality care for the children enables ...

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birmy
December 27, 2012
8:22 a.m.

[ Flag Post ]

Parents receive a $5,000 dependent care credit for child care. What is interesting is no matter how many kids you have you only get a $5,000 credit. I think they call it a credit. They take the money out pre-tax from your paycheck and then you submit your expenses for daycare and get the $5,000 back. So you basically save on the taxes up to $5,000. At a 30% tax rate a parent would save $1,500.

But you only get a $5,000 credit no matter how many kids you have? Daycare can be $10,000 per kid at least (seriously). This does not seem right to me. I know someone has to pay for it but it can be a hardship on parents to fund $10,000 per kid daycare. Not everyone has a grandparent that is not working and is healthy enough and lives within a close enough proximity to care for their children.

I wrote to my legislators many years ago, including Former representative Olympia Snowe from Maine because she sponsored a bill to change the law favoring parents and everyone wrote back (except Snowe), stating to the effect that there was not any legislation and motivation to go in that direction...

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