NEW DATA: Businesses, Families Could Save Thousands on Child Care Through Underutilized Tax Cuts
The U.S. Congress Joint Economic Committee - Minority issued a report today with new calculations on potential savings for both businesses and their employees through increased use of existing child care tax cuts. Scenarios created by the Committee and informed by conversations with experts and businesses show that a sample business could get $820,000 in direct tax savings over the first five years that it provides child care benefits to its employees and see an $8 million return-on-investment (ROI). A parent working at this sample company could save nearly $10,000 in child care expenses over that same time period.
Click here to see the full Joint Economic Committee – Minority report.
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