The proposal, which Sinema is working on with Senator Bill Cassidy, R-Louisiana, would come in the form of tax credits. If a new parent wanted to take advantage of the opportunity, they would take a $5,000 tax credit with the IRS on their first tax filing after the birth. Families who take advantage of the proposed credit would repay the loan by $500 a year over 10 years.
“My family struggled. We had hard times growing up, and for my mom, it was tough to take care of us kids for a bit after my parents got divorced,” she said, according to the Arizona Republic. “I know how hard it is for everyday families. … The idea behind this legislation is to ease that burden so they have funds available in that first year.”
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