Lawmakers have traditionally used the tax code to address real-world problems many Americans face, and to incentivize behaviors that result in overall economic benefits, yet there are only a handful credits and deductions specific to families with young children. Among them is the Child and Dependent Care Tax Credit (CDCTC) – the only tax credit specifically created to help families with of work-related child care expenses. Another, the Child Tax Credit (CTC), is targeted at families with dependent children and is designed to ensure that the tax code reflects the fact that families have more expenses and less disposable income than individuals and couples with the same income who don’t have children.
For tax reform to truly help families with the rising costs associated with raising children – particularly the cost of child care – these tax credits must be maintained, expanded, and made refundable to reach more low-income families with a lower tax liability.
Join the First Five Years Fund and Save the Children Action Network for a bipartisan briefing on Capitol Hill in partnership with the sponsors of the Promoting Affordable Childcare for Everyone Act (PACE) Act – Sen. Angus King (I-ME), Sen. Richard Burr (R-NC), Rep. Kevin Yoder (R-KS) and Rep. Stephanie Murphy (D-FL). Hear from a panel of experts on the importance of strengthening these important tax credits, and how doing so will benefit families with young children.