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February 20, 2024

Schweikert Introduces Legislation to Ease Cost of Raising a Child for Working Families

WASHINGTON, D.C. — Today, U.S. Representative David Schweikert (AZ-01) introduced the Family Growth and Investment Act, legislation to uplift working families during the first year of a newborn’s life by providing a one-time tax deduction for non-medical expenses like car seats, strollers, and cribs which are otherwise costly and can make raising children out of reach for many hardworking Americans.

Families are estimated to spend approximately $13,000 per child annually and will spend over $233,000 for food, shelter, and other necessities to raise a child through the age of 18. This legislation eases that burden, giving parents a much-needed boost during one of the most stressful and financially challenging years of their lives.

“I am proud to introduce the Family Growth and Investment Act to support one of the most important decisions that hardworking Americans can make — to start and grow a family,” said Rep. Schweikert. “For many parents, the annual costs of the first years of a child’s life can be daunting regardless of how they raise their family. Already, CBO is projecting that by 2042, there will be more deaths than births in the United States. This pro-family legislation will make it easier for Arizonans and Americans everywhere to enjoy one of life’s greatest gifts. I look forward to working with my colleagues to help advance this bill and make the American dream more attainable than ever.”

Background on the Family Growth and Investment Act:  

  • Allows for a one-time, above-the-line tax deduction of up to $5,000 for non-medical expenses that are essential and costly during a newborn’s first year of life.   
  • Includes items like bottles, diapers, baby formula, cribs, strollers, and car seats. 
  • The income limit is $100,000 for single filers and $200,000 for joint filers.
  • The deduction is on a per-qualifying child basis, increasing to $10,000 for twins, $15,000 for triplets, etc.
  • Authorizes the taxpayer to use the deduction in the taxable year immediately following if the taxpayer does not incur expenses in the tax year for which the deduction is allowed.
  • Only parents and newborns with a Social Security Number (SSN) may qualify.

The full text of the bill can be found here.

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