I believe this is an important step toward easing the tax burden for American families with young children. Child development experts agree that a child's interest in learning, sense of security, behavior, and curiosity about the world are deeply rooted in the child care that he or she receives between the ages of 0-5. Frequently, parents of young children lack the income and seniority in their careers that parents of older children enjoy, and they often cannot afford high- quality child care. Unfortunately, many, if not most, working parents have to choose between financial security and spending time with their children during the important developmental years of age 0-5. If the employed parent loses his or her job or has a reduction in salary, the family's financial security can be wiped out in a matter of days.
Some single parents have to work two jobs just to make ends meet.
In addition, parents who choose to sacrifice income in order to stay home with their children sometimes have to make other sacrifices based on finances that affect their children's living environment, physical well-being, or sense of security. More and more parents are facing time constraints and financial constraints that make it impossible for them to choose the type of child care that they would prefer if given all the options. By providing an increase in the child tax credit for young children, parents will have the opportunity to keep more of their hard-earned incomes for family needs. Having as little as 500 extra dollars a year per young child may make a significant difference. Parents who work outside the home may use the extra income to enroll their child in a child care program that is better matched to their child's needs.