FEEDBACK | Assist in funding child care, yes — but not with tax credits

 

While I agree families who are trying to afford the rapidly-increasing cost of child care in Colorado need additional help, I disagree with Kelly Sloan’s suggested policy solution (“Time has come for child-care savings accounts in Colorado,” Aug. 6). Though he seems to oppose public support for struggling Colorado families, he contradicts himself by proposing a tax credit for employers and others who contribute to a child savings account. Tax credits are essentially public support allocated through the tax code.

Giving tax benefits to those who have the financial ability to contribute to child savings accounts will not only increase inequities in child care affordability, it will make it harder to fund the resources that help low-income Colorado families access child care (like the Child Care Assistance Program). While we need to consider policy solutions to make child care more affordable, giving additional special tax treatment to wealthy corporations and individuals is not the way to do it.

Ali MickelsonDirector of Legislative and Tax PolicyColorado Fiscal InstituteDenver

 

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