I have no money left. Please come and join me. I know there are hundreds of thousands of us out there. Because if you can claim them, it is the same as if they lived in your home and you supported them. You would be spending that money, anyway, but you would be able to claim them as dependents.
Someone has to pay the taxes on the earnings.
The converse is true of spousal support. It is deductible for the payor and declarable as income by the payee. Well, I think Dan has a point. That's not entirely fair. If both parents share in the expense of raising the children, both parents should share the deduction.