ADOPTION TAX CREDIT: I propose increasing the existing credit under IRS Topic 607 ( https://www.irs.gov/taxtopics/tc607 ) to $15,000 and increasing the income limit to making less than $300,000 for singles and $500,000 for married couples. (Max life time limit of 2 children).
BABYSITTING TAX CREDIT DEDUCTION: Monlux believes those with children ages 7-14 should be able to claim a tax break of up to $300 per year in babysitting tax credit deductions.
CHILD DEDUCTION CREDIT: I propose raising the amount from $2,000 per qualifying child to $3,000 per qualifying child with a life time cap of 4 children and abolishing the income requirement max/minimum rules. (Age would be raised from 17 to 18).
DAY CARE: For singles who have children and are making less than $100,000 a year, I propose a $5,000 a year day care subsidy so the parent/guardian can work. For married/filing jointly couples making less than $250,000 a year, I propose a $5,000 per subsidy for day care so the parents can continue to work. The limit cap is $5,000 per year, regardless if the family has 1 or 10 children and will be prorated per child ages birth-5. If one child then that child gets all $5,000 for day care. If 2, each child gets $2,500. If 3 then $1,333.33. If four, then $1,250. If five, then $1,000 each. If six then $833.33 per child toward day care. If 7, then $714.28 per child toward day care. If 8 then it is $625 per child toward day care. If 9 then it is $555.55 per child toward day care. If 10 its $500 per child toward day care and so on. Their is a life time cap of 7 years of benefits to be claimed. HOWEVER due to loss or incarceration if a relative or parent/grandparent ends up having to raise the child under a court order then they are eligible for an additional 7 years of benefits and the age is raised from birth to age 7 instead of 5.
The adoption tax credit, baby sitting tax credit, child deduction credit and day care subsidy can all be combined and claimed/used in the same year.