| Posted By |
Message |
dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
|
ATTN SAHM's: Parents' Tax Relief Act
NO matter what "side" of the coin you are on (red or Blue), we can ALL agree about this!
There was a Bill that was introduced in March by Senator Sam Brownback. If passed it would be called the Parents' Tax Relief Act and would allow nonworking mothers to earn Social Security tax credits for years caring for children under the age of 7.
This is a huge thing for SAHM since the years we are home and not working count against SAHM's in the end when it is time to collect SS.
The Bill Explained
http://www.govtrack.us/congress/bill.xpd?bill=s110-816
Lets email Hil and Charlie and tell them that SAHM's deserve to have rights too! Time to earn your paychecks senators!  
Hillary Clinton's and Charles Schumer's Email Addresses
|
Posted 10/23/07 1:59 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
cantbelieveit
Love these kids!
Member since 10/05 4708 total posts
Name:
Tammy
|
Re: ATTN SAHM's: Parents' Tax Relief Act
Wow, that would be great!
|
| Posted 10/23/07 3:12 PM |
| |
|
|
|
Re: ATTN SAHM's: Parents' Tax Relief Act
Wow I have to tell DH about this. I hope it passes!!!!
|
| Posted 10/23/07 3:25 PM |
| |
|
dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
|
Re: ATTN SAHM's: Parents' Tax Relief Act
Posted by Cakes
Wow I have to tell DH about this. I hope it passes!!!!
Me too, even though I work P/T, I feel this issue is a great one to promote.
|
| Posted 10/23/07 3:32 PM |
| |
|
CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
|
Re: ATTN SAHM's: Parents' Tax Relief Act
Who is going to pay for the credits?
|
| Posted 10/23/07 3:35 PM |
| |
|
Kidsaplenty
Sister love
Member since 2/06 5971 total posts
Name:
Stephanie
|
Re: ATTN SAHM's: Parents' Tax Relief Act
That is a great idea!
|
| Posted 10/23/07 3:52 PM |
| |
|
nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
|
Re: ATTN SAHM's: Parents' Tax Relief Act
Posted by CkGm
Who is going to pay for the credits?
Looks like they're looking to tranfer from the "general fund"
There are other parts of the bill that I support as well:
Overview Summary Other Info
Congressional Research Service Summary
The following summary is provided by the Congressional Research Service, which is a nonpartisan government entity that serves Congress and is run by the Library of Congress. The summary is taken from the official website THOMAS.
3/8/2007--Introduced.
Parents' Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) provide for a minimum tax credit for household and dependent care services for dependents under the age of seven and to phase out such credit based on the amount by which the taxpayer's adjusted gross income exceeds a threshold amount; (2) increase to $5,000 the amount of the personal tax exemption; (3) eliminate the marriage penalty in all income tax brackets and in the tax deduction for student loan interest; (4) establish a standard tax deduction for expenses related to business usage of a home; (5) make permanent increases in the child tax credit and adjust the amount of such credit for inflation on an annual basis after 2007; (6) allow employers a tax credit for employees who telecommute; and (7) allow an exclusion from employee gross income for employer-provided computer equipment used to work at home.
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to award social security credits to parents who stay at home, instead of working outside the home, to care for children who are either under age seven. Authorizes transfers from the general fund to specified Social Security trust funds to cover the cost of such credits.
|
| Posted 10/23/07 3:52 PM |
| |
|
CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
|
Re: ATTN SAHM's: Parents' Tax Relief Act
Posted by nrthshgrl
Posted by CkGm
Who is going to pay for the credits?
Looks like they're looking to tranfer from the "general fund"
There are other parts of the bill that I support as well:
Overview Summary Other Info
Congressional Research Service Summary
The following summary is provided by the Congressional Research Service, which is a nonpartisan government entity that serves Congress and is run by the Library of Congress. The summary is taken from the official website THOMAS.
3/8/2007--Introduced.
Parents' Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) provide for a minimum tax credit for household and dependent care services for dependents under the age of seven and to phase out such credit based on the amount by which the taxpayer's adjusted gross income exceeds a threshold amount; (2) increase to $5,000 the amount of the personal tax exemption; (3) eliminate the marriage penalty in all income tax brackets and in the tax deduction for student loan interest; (4) establish a standard tax deduction for expenses related to business usage of a home; (5) make permanent increases in the child tax credit and adjust the amount of such credit for inflation on an annual basis after 2007; (6) allow employers a tax credit for employees who telecommute; and (7) allow an exclusion from employee gross income for employer-provided computer equipment used to work at home.
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to award social security credits to parents who stay at home, instead of working outside the home, to care for children who are either under age seven. Authorizes transfers from the general fund to specified Social Security trust funds to cover the cost of such credits.
Thanks! I didn't have time to read the whole thing and was curious. I think this is a great idea. Although in CA, all teacher's don't earn credits to SS for some reason. So I stopped earning credits when I left NY. Luckily I worked long enough in NY to qualify for benefits.
|
| Posted 10/23/07 3:57 PM |
| |
|
Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
|
Re: ATTN SAHM's: Parents' Tax Relief Act
DId this require you to be working before you had kids, and the your coverage would continue, or if you start having kids at 18 with no prior job and decide to stay at home and have a few kids spaced apart, would you still qualify?
I understand if you leave the workforce, but I can totally see how this can be abused and come out of my pocket, since SS will be in shambles when I retire anyway.
|
| Posted 10/23/07 4:25 PM |
| |
|
