Elizabeth Warren says her child care plan will save you cash, here's her proof
Massachusetts Democratic Sen. Elizabeth Warren wants people to know how much they would save in child care costs if her universal child care plan is implemented.
The 2020 presidential candidate rolled out a new, interactive feature on her website that allows users to answer questions to calculate how much they would save.
Here’s an example:
For a family of three with one child under the age of five that spends $8,500 annually on child care – and an income of $60,000 – the savings would be $7,900 per year, according to the calculator.
In February, Warren unveiled her plan to provide universal child care, which would grant every family in the U.S. access to not only guaranteed child care, but also access to early education. Her idea is to form partnerships between the government and community-based child-care and early education providers, creating a network of options.
The government would be on the hook for the majority of the operating costs. While certain families living in poverty would owe nothing, other families would pay no more than 7 percent of their income. It would be an opt-in program.
Warren said she would pay for her proposal through a tax she previously proposed, the ultra-millionaires tax. As reported by FOX Business, the tax would apply to those with more than $50 million in assets. The tax would be equal to 2 percent, but would rise to 3 percent for those who have assets valued at more than $1 billion. It is estimated that the tax would raise $2.75 trillion over the course of a decade.
Child care is becoming an important topic in the run-up to the 2020 presidential election, particularly among Democrats. Sen. Kirsten Gillibrand unveiled a “Family Bill of Rights,” while a handful of others have voiced support for different versions of child care legislation.
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According to the Economic Policy Institute, a non-profit think tank, the cost of infant care annually can range from $4,822 (Mississippi, where the median family income is $44,717) to $22,631 (Washington, D.C., where the median family income is $63,587).
FOX Business’ Megan Henney contributed to this article.