Biden's billionaire tax could pay for childcare for 20 million families
Based on early reports from the Biden administration, it looks like the White House will persist in pushing some of those through, if they can be supported by an influx of cash from the proposed tax. on the POTUS Twitter account on Monday night."For families, that will cut the cost of childcare in half." take on
90% of the subsidy burden, with states being responsible for the remaining 10%. Families of four making less than $75,000 per year would pay nothing for child care, with the household contribution increasing as their income does. Families of four making $100,000 have a $2,000 annual copayment; families of four making $150,000 will have a $10,500 copayment, etc.
What's less clear is whether the monthly checks parents received from the expanded child tax credit would come back, after it expired at the end of last year, or whether the White House will be steering federal cash to boost wages for child care workers, as Build Back Better outlined. Any implementation of these measures may go a long way toward providing children with long-term stability, experts say.
"The bill as a whole would reduce poverty substantially, and especially child poverty," Kris Cox, deputy director of federal tax policy at the Center on Budget and Policy Priorities,
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