“Tax Cut on Newborn Baby Items” Proposed in Arizona
Arizona Republican Congressman David Schweikert proposed legislation to enable families to deduct specific expenses associated with welcoming a new child.
The bill would be a one-time payment for the taxable year that includes the day of the child’s birth, as stated in the legislation. The congressman stated that it would incentivize individuals to begin forming families.
Schweikert announced the Family Growth and Investment Act to assist hardworking Americans in starting and expanding their families, calling it a significant choice.
Many parents find the yearly expenses of the early years of a child’s life to be overwhelming, regardless of their parenting style. Currently, the Congressional Budget Office (CBO) forecasts that in 2042, the number of deaths will exceed the number of births in the United States.
This act supporting families would facilitate the enjoyment of a significant aspect of life for individuals in Arizona and across the United States. I anticipate collaborating with my colleagues to promote this law and enhance the accessibility of the American dream.
The deduction is limited to $5,000 per kid and includes expenses like diapers, formula, cribs, and strollers under the category of “qualified newborn expenses.” The measure stipulates a single deduction per child for car seats, strollers, and cribs.
Those earning $100,000 or less would be eligible, or up to $200,000 for those filing jointly, if the proposed legislation is enacted.
Schweikert’s bill is now headed to the House Committee on Ways and Means, where he is a member.
