Washington , DC - Congressman Ron Paul has signed on as a cosponsor of legislation that would ease the tax burden on America ’s parents, struggling with child care expenses.
The Right Start Child Care and Education Act of 2007 is a comprehensive reform that increases the existing child care tax credit to $5,000 (from $2,400) for the first child and $10,000 for the second. It also increases the current business tax credit for providing child care services at work from $150,000 a year to $225,000. And it creates the “Right Start Child Care Professional” tax credit to encourage college graduates to choose child care as a profession.
Between the income tax, sales tax, property tax, gas tax, capital gains tax, the cost of regulatory compliance and various licenses and fees, an average of 52% of national income goes to government in one form or another. According to Americans for Prosperity, Texans work more than half the year just to pay for government.
The Dependent and Child Care Tax Credit has been increased only once in the last 25 years. Yet, inflation and child care costs are on the rise and have become the next largest expense after mortgage or rent for most families with young children.
“With a mountain of taxes to pay, having one parent stay at home is no longer a viable option for many Americans. The least the government can do for parents making these difficult decisions is to ease the tax burden on them and make it more economical for places of employment to provide on-site child care. Repealing all income taxes is my ultimate goal, but this bill, which allows American parents to keep more of their own money, is a step in the right direction.” Stated Congressman Paul.
- Congressman Ron Paul has officially announced his bid for the Republican nomination to run for United States President in 2008. To join, contribute, or help spread the word, please visit his website: Elect Ron Paul for President in 2008
- The above Press Release is reprinted with permission.