Remember when Ivanka Trump spoke at the Republican National Convention, and spoke about the plight of working mothers and childcare? And then everyone rebuked her, because Trump could care less about working mothers and child care?
Well, apparently Trump is following through with his plan.
In a speech Tuesday evening in suburban Philadelphia, Trump is expected to go into more detail on a proposal he originally laid out last month in a wide-ranging economic speech — allowing parents to deduct the average cost of childcare from their taxes.
Trump’s plan would allow parents to deduct the average cost of childcare from their taxes. The campaign says this is focused on “working and middle-class families,” though its income caps — $250,000 for individuals and $500,000 for couples — far exceeding most people’s definition of working class. Along with all this, the campaign is now promising to “guarantee” six weeks of paid maternity leave. (Paternity leave is not mentioned.)
As CNBC found in its analysis when Trump’s plan was unveiled last month, Trump’s plan “would create a substantial tax break for working parents, but further widen the deficit.” That’s because:
“On average, households with a woman working outside her home and taking care of a child under 15 paid an average $127 a week on child care, according to a Census Bureau analysis of 2010 data. That works out to about $6,600 a year. With some 24 million households in that category, the child-care tax break would cost the government $158 billion a year.
“For families paying for child care, the current tax break offers little relief. Only 3.5 million tax returns claimed the existing child-care tax credit for the 2010 tax year, according to IRS data, saving those households $1.9 billion. (Nearly 10 million returns claimed a separate tax credit for all parents, whether or not the family had child-care expenses, for another $14 billion in tax savings.)
“So total out-of-pocket child-care costs amounted to about $142 billion, which a Trump administration would either have to make up with higher taxes or add to the budget deficit.”
What do you think of Trump’s plan? Is this a Hail Mary for the female vote?
Let us know in the comments below!