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Should Childcare Costs Be Deductible Against Tax For Working Mothers?

1098 words - 4 pages

Should childcare costs be deductible against tax for working mothers?As working mothers become more and more common in our generation the need for childcare has increased which in turn has brought up the price meaning many working mothers find it hard to afford their childcare costs. "£11,000 per year for under two's in 2014"-BBC news 2013, this would mean a huge £211.5 a week but the average disposable income per week is only £170. This is truly shocking, it shows the inequality and shows that the average household who has two working parents would still have to spend more then half their disposable income to afford childcare let along high quality childcare.One of the benefits to the economy of the government doing this is it would mean that less of the parents disposable income would have to be put into the childcare costs meaning they would have more free disposable income which they can circulate back into the economy. This would cause consumption to go up which is a factor of aggregate demand. This in turn could mean growth for the country. However if childcare costs are going down it means that the demand for childcare will go up and childcare industries could take advantage of the government scheme and just raise their prices to have a larger total revenue, this would make the whole scheme irrelevant a huge loss of money for the government."18% of parents with children under two, the main carer had to stay at home because they could not afford childcare"-News 2008 this a massive amount of unused resources that could seriously boost our productivity as a country and cause growth in the economy. its said four in five have children so 18 percent of that would be 9,231,220 people that could be working but are not due to these high costs and a lot of them will be claiming benefits that will be no longer needed if childcare was deducted off of taxes.Besides tax relief there are other ways the government can help struggling parents with expensive childcare costs for example state provided childcare this would cost more but means they still get full tax revenue and it would mean that parents have to spend nothing on childcare costs and would have a lot more disposable income to flow back into the economy. They could also look into subsidising childcare so they can lower the costs.Another huge benefit of this is that it will cause a lot more mothers to go into work which mean a bigger workforce causing an outward shift in the PPF so once again growth also it means if more people are working then less people are claiming benefits from the country which would help fund the loss of tax revenue. However whether these jobs are available is up for discussion with unemployment already at 6.8% although unemployment is improving we cant tell what will happen to all these extra people looking for jobs and what it will do to others looking for jobs for example university graduates who find it hard enough to come out of university and into a...

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