Trump to Announce Fully Tax-Deductible Childcare in Economic Speech
On Monday, Trump proposes that, under his administration, childcare payments will be fully tax deductible.
The Hill Reports:
Donald Trump will announce in a major economic speech on Monday that childcare payments will be fully tax deductible under a Trump administration, a senior aide to the Republican presidential nominee told The Hill on Sunday night.
“We’re going to help working parents by making childcare payments fully tax deductible. That’s new policy,” the aide said.
Democratic nominee Hillary Clinton has said she would make child care costs more manageable through steps including tax relief and increased federal funds. She has pledged to work to cap child care expenses to no more than 10 percent of a family’s income.
Trump is giving an economic address in Detroit that will focus on four main policy areas: energy, tax, regulation and trade.
The speech comes as the Trump campaign is trying to put a week of bad press and distractions behind him and to home in on Clinton’s vulnerabilities and the economy.
Among the specific policies mentioned in Trump’s speech on Monday will be a “temporary moratorium on regulations,” the senior aide said.
Asked to explain what that policy meant, the Trump aide said, “Barring urgent needs, there will be a temporary moratorium on new regulations.
“Because there is such a glut of regulations, thousands and thousands of regulations in recent years … companies are not investing; their cash is on the sidelines; they’re not hiring,” the aide added.
Other policies outlined in Trump’s speech will include the corporate tax rate being lowered to 15 percent, “which will make us a magnet for global investment in the United States and bring in thousands of new companies.”
Also mentioned will be the elimination of the death tax — though the elimination of it and the 15 percent corporate tax rate are part of the tax plan Trump released last year.
The title of the speech is “An America First Economic Plan: Winning the Global Competition,” the aide said.
The speech’s premise will be that every policy that Clinton offers “handicaps America’s ability to compete globally.”
“For instance, raising taxes, increasing regulations, shutting down energy, one-sided trade deals,” the aide added.
Trump will then argue that every policy he offers “is going to make us more globally competitive and make it easier to work.
“We’ll become the jobs magnet for the world,” the aide said. “Everyone’s going to want to come here and start a business, hire workers.
“It’s going to mean higher wages, higher incomes, and just a renaissance of American prosperity.”
Trump will continue attacking Clinton for her past support for trade deals, such as NAFTA and the Trans-Pacific Partnership, “that threaten the American automobile industry and basically would destroy it in the case of TPP,” the aide said.
And Trump — as he’s done in the past — will scoff at the official unemployment figure of around 5 percent, saying the real jobless number is much higher.
“The real number of jobless is the number outside the labor force, which is 94 million,” the aide said. “And that’s the number that we should be talking about, obviously.
“This 5 percent unemployment thing is absolute hokum.”
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