Tax Policy Center Claims Trump Child Care Plan Favors the Rich
Although most of President Trump’s policies have greatly divided the country, one policy that everyone can agree upon is lowering the cost of childcare. However, what they don’t agree on is how to make that happen. So far, his proposals have been well received by the right and not so much by the left. Shocking, right?
Trump made reducing the cost of childcare one of his campaign promises and even included it on his contract with America. His Daughter Ivanka Trump played a big role in creating the plan, which would provide more paid family leave for new parents and help increase the tax benefits to parents who have to pay for childcare, and even to some who don’t.
However, the problem is, according to the non-partisan Tax Policy Center, the president’s new plan will really only help the wealthy. The Tax Policy Center claims that 70 percent of the proposed benefits would directly help families that make at least $100,000. Meanwhile, more than 25 percent would go to anyone who earns $200,000 or more.
The plan also calls for a refundable tax credit for lower income families with parents that don’t end up owing any federal income tax. The most they could receive would be $1,200, but most families would end up with much less. Plus, parents who stay home wouldn’t be eligible for the tax credit, but wealthier parents that don’t work could still take advantage of the tax deduction.
http://money.cnn.com/2017/02/28/news/economy/donald-trump-child-care/
IRS Has Handed Out More Than $100 Billion in Refunds so far
As with every tax season there have been some mistakes that have caused problems for some taxpayers, as well as the usual battle with tax scams that pop up every year. However for the most part, the refund process has gone well to this point. In fact, at the end of February, the IRS reported…
There Is a Bright Side for Early Filers Victimized by Obamacare Gaffe
There’s been no shortage of complaints and problems with Obamacare since the nations new health care coverage law went into effect. In fact, the debate continues to rage on and another major decision from the U.S. Supreme Court is forthcoming in the months ahead. However, for the time being, Obamacare has been a problem for…
Should You Pay Estimated Taxes?
For most people tax time only comes once year. However, for anyone who has to pay estimated taxes a large tax bill could be due several times a year. Again, most people do not have to worry about paying estimated taxes, but there are several circumstances that will put you in that category. The most…
Do not Be the Victim of a Tax Scam
As the tax season continues to be in full swing we here at GROCO continue to hear of more and more tax scams making the rounds. We’ve discussed tax scams before, but it never hurts to repeat this important information, especially at this time of year when tax scammers are so prevalent. In fact, several…