[Congressional Record (Bound Edition), Volume 153 (2007), Part 23]
[Extensions of Remarks]
[Page 31505]
[From the U.S. Government Publishing Office, www.gpo.gov]




        INTRODUCTION OF THE CHILDCARE AFFORDABILITY ACT OF 2007

                                 ______
                                 

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                       Tuesday, November 13, 2007

  Mrs. MALONEY of New York. Madam Speaker, today, on behalf of myself, 
Rep. Yvette Clarke, and Rep. Nydia Velazquez, I introduce the Childcare 
Affordability Act of 2007, which will create an above-the-line tax 
deduction for working parents of up to $13,000 in childcare expenses 
for one child and a maximum of $26,000 for two or more children. This 
deduction is based on the average cost of childcare in urban areas, 
which is $13,000 per year--more than one quarter of the typical 
family's income. This bill will also make the current Dependent Care 
Tax Credit fully refundable and expand the qualified actual expenses--
now capped at $3,000 per child with a maximum of $6,000 to $13,000 for 
1 child, with a $26,000 maximum for 2 or more children. This change 
more accurately reflects the current costs of childcare for working 
families, who will now be able to choose whichever option provides them 
with the greatest tax relief.
  Greater tax relief is an important and necessary step toward 
improving the lives of America's working families. The rising cost of 
child care is squeezing working families and the amount of assistance 
the Federal government currently provides to ease the burden of these 
expenses is inadequate. We can and should do more to support our 
working families. Quality childcare is essential to healthy child 
development. This bill will help America's families provide high-
quality care for their children, which will pay off in the future by 
increasing productivity and economic growth, and stemming the tide of 
rising inequality in the United States. With this initiative, we can 
ease the burden on working families, while making an essential 
investment in the future prosperity of our Nation.

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