Help might just be on the way. The Parents’ Tax Relief Act of 2007 has been introduced in Congress. I don’t see it listed on the Library of Congress site yet, but it was just introduced so I assume it hasn’t been listed yet. Found the Parents’ Tax Relief Act of 2005, which was a prior attempt at this.
I love the idea of this. It is so hard for families to find a way to have one parent stay home, yet many families would love to do just that.
It should also help somewhat with the loss of Social Security protection. Even stay at home moms would be earning towards Social Security, in this bill. Social Security is one of those factors that most don’t consider when making the decision to stay at home, yet the time may come where it will be very important to you.
To quote from the article linked above:
The Parents’ Tax Relief Act extends the Dependent Care Tax Credit to stay-at-home parents; makes permanent the $1,000 Child Tax Credit and fixes it to inflation; and permanently eliminates the marriage tax penalty. The bill also encourages telecommuting, adjusts Social Security credits for stay-at-home parents, and streamlines the home office deduction.
Sounds great! This bill has been introduced in both House and Senate.
I would love to see it more reasonable for mothers or fathers to make the choice to stay at home and raise their children as their partner works. There is so much that could be done to make being a SAHM less financially difficult, so that parents can make the decision that is right for their family more easily.
I can also hardly wait to see what it does for the home office deduction.
I don’t demand that all families have one parent stay at home with their young children. I do recommend all families look at the possibility, then make the decision that is right for them. If this passes, the money side of the equation may be a little easier.
[tags]Parents Tax Relief Act of 2007,SAHM,Congress,House,Senate,Social Security[/tags]