Obama Proposes Nearly Doubling Child Care Tax Credit

President Obama has proposed almost doubling the child care tax credit for middle-class families.  This is one of the latest administrative initiatives that are hoped to reassure Americans nervous about today's economy.  The proposal is one of five new recommendations from the president's Middle Class Task Force.  Obama is pushing to increase the Child and Development Care Tax Credit rate from 20 percent to 35 percent for familes who make less than $85,000 a year.  Families whose incomes are between $85,000 and $115,000 annually will see an increase in their tax credit as well, under the proposal.  Further, low-income families would receive a $1.6 billion increase in child care funding.  This is the largest annual uncrease in 20 years.  These task force recommendations, including others, will be included in President OBama's proposal 2011 fiscal year budget, which is set to be unveiled on Feb. 1.