Hillary Clinton proposes new tax break for parents of young children
On Monday, Democratic presidential nominee Hillary Clinton proposed a new tax cut aimed at parents with children aged 4 and under, especially those in the middle and lower classes. Clinton's plan would double the child tax credit for parents of young children to up to $2,000 per child, and make the credit refundable, meaning parents who did not earn enough to pay federal income tax would still get the money. Donald Trump's child care plan, which is mostly structured as tax deductions, would offer most of its benefits to higher-income parents.
Clinton says her plan, part of a series of tax cuts for the middle class, would cost $150 million to $200 million over 10 years and be financed by already proposed tax hikes on the wealthiest Americans. "Rich people ought to be paying more federal income taxes to pay their fair share for our country," she said in Detroit on Monday. The child tax policy currently gives parents who earn less than $110,000 a year a $1,000 credit for children 16 and younger.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Antony Gormley's Time Horizon – a 'judgmental army' of 100 cast-iron men
The Week Recommends Sculptures are 'everymen questioning the privilege of their surroundings' at the Norfolk stately home
By Adrienne Wyper, The Week UK Published
-
'King's horses take free rein through London'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Is pop music now too reliant on gossip?
Talking Point Taylor Swift's new album has prompted a flurry of speculation over who she is referring to in her songs
By Richard Windsor, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published