A new bill introduced to the House by Rep. Allyson Schwartz (D., Pa.) and Rep. Michael McMahon (D., N.Y.) would expand the child-care tax credit.
The new proposal would allow a family with two children making $50,000 to claim a tax
credit of up to $2,100 for child-care costs, while under current law
the same family could receive a maximum credit of $1,200.
While this plan is certainly welcome, it's a drop in the bucket. In my area, a two parent working family might earn $100,000 before taxes, but spend $12,000 for one child in daycare. In many cases, childcare costs outstrip expenses on housing, food, and transportation. We have to do better.