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Under the provisions of the Build Back Better Act bill recently passed by House Democrats, families in 32 US states would save more than $ 100 a week on child care services.
The House Education and Labor Committee recently approved its share of the Build Back Better budget, which will set aside about $ 90 billion in federal funding to help families with children under age 5 pay for child care, the amount Help will vary based on your income.
Under the Build Back Better Act, families earning less than 75% of the state median income would pay nothing for childcare. On the other hand, those who earn between 75% and 200% of the state median income would not pay more than 7% of their annual income on child care.
Currently, the average US family spends about 13% of its income on child care, according to a recent report released by the Treasury Department.
In about 32 states, a typical family would save more than $ 100 a week with the new child care proposal, Fortune reported.
Over the course of a year, the analysis predicts that the Build Back Better Act could reduce families’ annual child care costs by roughly $ 5,000 or up to $ 6,500 in most states.
It should be noted that these numbers reflect how much some families spend on childcare, and this is one of the main expenses of households with young children.
Families living in Washington DC would have the biggest savings, just over $ 300 per week, followed by families from Massachusetts, California and New York. Currently, these regions are also where families pay the highest percentage of their income for childcare, which is more than 10%.
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