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May 20, 2024 7:40 am

Child care costs far outpace wages, but dependent care tax credit stuck at 2001 rate

The U.S. House of Representatives voted overwhelmingly Wednesday evening to assist low-income families through an expansion of the child tax credit and the bill now awaits approval in the Senate. But some organizations are also highlighting a separate tax credit for child and dependent care, which they say is not providing adequate assistance to families and providers amid rising costs.