Congressional report finds childcare tax breaks underutilized despite potential savings for families and businesses

Summary

A congressional report finds that tax incentives designed to reduce childcare costs, such as Dependent Care Assistance Program (DCAP) accounts, are significantly underutilized. These accounts allow families to set aside up to $7,500 in pretax income for childcare expenses, but fewer than half of private-sector workers have access to them. The report highlights a gap between available tax benefits and their actual usage by families and businesses.

Source

bskyCongressional report finds childcare tax breaks underutilized despite potential savings for families and businessescnbc.com