In recent years, families with children have been getting lots of tax credits and such. Now, Gillibrand has some additional tax credit program, or it's a rebate check I think. Our two are too old for this one, has something to do with day care I think.
I think of this one brother of mine and his wife. Their kids are grown, well last one will be in final year of college this coming season. They worked, had to sacrifice, no special tax programs. And today they have far less savings than they otherwise would have.
Those that footed the bills without any help, without all these more recent child tax credits for this, that, and the other thing, will they get any breaks now? LOL
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
H. R. 1871 To amend the Internal Revenue Code of 1986 to increase, expand the availability of, and repeal the sunset with respect to, the dependent care tax credit.
IN THE HOUSE OF REPRESENTATIVES
April 17, 2007 Mrs. GILLIBRAND (for herself, Mrs. BONO, Mr. HIGGINS, Mr. MCNERNEY, Mrs. BOYDA of Kansas, Mr. RUPPERSBERGER, Mr. BISHOP of Georgia, Mr. BARROW, Mr. PETERSON of Minnesota, Mr. LINCOLN DAVIS of Tennessee, Mr. PATRICK J. MURPHY of Pennsylvania, Mr. ARCURI, Mr. BOSWELL, Mr. SHULER, Mr. ELLSWORTH, Mr. ALTMIRE, Mr. WILSON of Ohio, Mr. CARNEY, Mr. MCNULTY, Ms. SHEA-PORTER, Ms. SUTTON, Mr. MAHONEY of Florida, Ms. HARMAN, Ms. CASTOR, Mr. WALZ of Minnesota, Ms. CLARKE, Mr. HARE, Mr. ISRAEL, Mr. CROWLEY, Mr. HINCHEY, Mr. DONNELLY, Mr. YARMUTH, Mr. LOEBSACK, Ms. HIRONO, Mr. PERLMUTTER, Mr. COURTNEY, and Mr. JOHNSON of Georgia) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL To amend the Internal Revenue Code of 1986 to increase, expand the availability of, and repeal the sunset with respect to, the dependent care tax credit.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Family Care Act of 2007'.
SEC. 2. INCREASE AND INFLATION ADJUSTMENT FOR DEPENDENT CARE CREDIT.
(a) In General-
(1) INCREASE- Paragraph (2) of section 21(a) of the Internal Revenue Code of 1986 (relating to expenses for household and dependent care services necessary for gainful employment) is amended to read as follows:
`(2) APPLICABLE PERCENTAGE- The term `applicable percentage' means--
`(A) 40 percent in the case of a taxpayer whose adjusted gross income is $100,000 or less, and
`(B) 20 percent in the case of any other taxpayer.'.
(2) INFLATION ADJUSTMENT- Section 21 of such Code is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection:
`(f) Cost-of-Living Adjustment- In the case of any taxable year beginning in a calendar year after 2007, the $100,000 amount contained in subsection (a)(2)(A) shall be increased by an amount equal to--
`(1) such dollar amount, multiplied by
`(2) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 2006' for `calendar year 1992' in subparagraph (B) thereof.
Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $1,000.'.
(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2006.
SEC. 3. INCREASE IN DEPENDENT CARE CREDIT MADE PERMANENT.
Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the amendments made by section 204 of such Act (relating to dependent care credit).
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
If they would only see and hear.....I dont want $$ to pay someone else to do it......make it affordable and enjoyable so we can do it......my kids are my kids and my parents are my parents and my spouse is my spouse.......why is that too difficult to understand.....those folks who pick $$ over face to face, hand to hand contact with people will ALWAYS pay someone else to do the work for them......and that is fine....but why should I be strung out and have to worry about--is there going to be a law that makes it feasible for me to send my child to daycare while I go out and make literally ,,'hundreds' of dollars-not millions and not thousands.....dont string me up to into a bracket that's not mine without a foundation....ya hear me......If they cant provide the foundation or atleast be a light to it, we are just blowing smoke in the wind......it used to be a choice/priviledge to have our kids go to daycare and it used to be a choice/priviledge to have our elderly go to nursing/retirement homes.......now,,,,it is almost as necessary as a cell phone or car or this computer....... ,,,,dont sell me the chaff of the wheat........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Posted on: 07/27/07 Written by: William R. DeVoe, Spotlight Staff email: devoew@spotlightnews.com
Kirsten Gillibrand wants to put more money in the pockets of middle-class families by doubling the tax credit available for daycare for their children.
The freshman Democrat says her Family Care Act will “help parents balance their careers with raising their children in a safe and enriching environment.”
Gillibrand, D-Hudson, was in the area recently to gain support on her push to expand the Child & Dependent Care tax credit.
The proposal would double the Child and Dependent Care Tax Credit for middle-class families that make up to $100,000. Under current law, a family making more than $43,000 can only earn up to $600 for one child in day care and $1,200 for two or more dependents. The bill would increase the maximum allowable credit to $1,200 for one dependent or $2,400 for two or more dependents.
The national estimate for day-care costs per family per child is $6,000, but in New York it is closer to $10,000, she said.
As a mother of a 3-year-old son in day care, Gillibrand said she understood the difficulty of balancing work and family.
“Right now, for a lot of working, middle-class families, day care is the largest expense except for housing,” said Gillibrand. “Even though it’s only a small portion of what day care costs, it can make a difference, especially when middle-class budgets are already so tight.”
State Assemblyman Jack McEneny, D-Albany, joined Gillibrand in announcing the bill at Mercy Care for Kids in Albany.
“Some working families and single parents don't get the breaks,” said McEneny. “Kirsten Gillibrand's idea is to move the credit up with the times.” Gillibrand said this is the latest in a string of tax cuts aimed at the middle class.
“In the current economic climate, the middle class is having a hard time. Whether it's rising health-care costs, gas prices or day care, there needs to be recognition that the middle class needs a break,” said Gillibrand.
Her other initiatives include cuts to the alternative minimum tax and tuition tax breaks for students.
But where will the money come from? For the Family Care Act of 2007, Gillibrand said the funds will come from tax revenue we should be collecting, but aren’t.
“One place we’ve suggested coming up with an offset (for the bill) is the tax code,” she said. “Right now, there are about $200 billion in uncollected taxes every single year. And that’s a typical offset for the Ways and Means Committee to use for a program like this.”
Gillibrand said the revenue could be recouped by stricter tax-code enforcement and closing corporate loopholes. The 2004 Family Care Act cost $3.3 billion, so Gillibrand estimated her 2007 revision would cost double that amount.
Gillibrand is also looking to gain support from residents on her push in Congress to add billions of dollars to New York’s Child Health Plus Program (CHPP), which is overseen by the state but is federally funded.
The CHPP is funded by the State Children’s Health Insurance Program (SCHIP), a national program designed for families who earn too much money to qualify for Medicaid, yet cannot afford to buy private insurance.
Congress has vowed to expand the bill so that all children would have medical coverage, but the funding for the expansion is something that has raised hackles over the past few weeks.
To pay for an expansion of the State SCHIP, a Finance Committee draft bill would increase cigarette taxes to $1 per pack, and raise taxes on cigars to 53 percent of the manufacturer’s wholesale price from the five-cent cap where it is now. The increase would raise an estimated $35.7 billion in new revenue. Scott Bendett, owner of Albany’s Habana Premium Pipe and Cigar, said it would stagger his business and most likely put smaller tobacconists on the street.
“It’s going to affect the whole business,” he said. “Numerous small manufacturers and numerous small businesses would go out of business. This business is already so tax intensive. It seems like we’re a really easy target.”
Bendett said that if the legislation passes as written, a $4 cigar in his shop right now will cost his customers $13.05 after the legislation.
Many House Republicans have come out against the tobacco tax increase, and the president has gone on record as saying he would veto it, but Gillibrand said the proposed tax levy may not be the way the bill is funded, if passed.
“I know they are debating it now, and they’re trying to decide how to fund it,” she said. “One of the problems with the tobacco tax is that it’s very regressive. It overwhelmingly is passed on to lower income families. I think they will consider other sources, and we’ll see what it looks like, probably in the next week or so.”
The freshman Democrat says her Family Care Act will “help parents balance their careers with raising their children in a safe and enriching environment.”
Is this an oxymoron here???? Then we wonder why the peer pressure always wins out......and in todays day with all the technology and communication that could mean anywhere, anytime, anything and anyone........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Maybe the the Dems and the Reps will hear the message that we just sent them with our vote for Amedore, NO MORE TAX INCREASES.
I wish you were right shadow, but as long as the dems are in control....it will be 'tax and spend'.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
This is Hillary's 'It takes a village'....the public and 'the state' only know how to raise kids and keep the 'mules a' runnin' the mill'......
it looks easier but the fact is, the task master is crackin' the whip....around and around we go......
There are no terrorists outside....they live inside(atleast in NYS) and their agenda is national healthcare and a giant village with state schools/daycares....forget the parents just make a bunch of healthy robots....just like in China.....
The vision of "everyone-all the time-always equal" leads to a narrowing of the vision at the end of the kaleidescope......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Logged
,,,,dont sell me the chaff of the wheat........
