WaPo: Elizabeth Warren proposes universal child care, paid for by tax on ultra-millionaires

Sen. Elizabeth Warren (D-Mass.) released a plan Tuesday for creating a “universal child care” system in the United States paid for by a tax on the very wealthy.

The plan proposed by Warren would ensure that every American would be able to enroll children up to 5 years old in a child-care program while paying no more than 7 percent of their income in fees. Families below a certain income level — $50,000 a year in today’s dollars, for a family of four — could use the facilities free of charge, while everyone above that income threshold would pay a fee of between 0 percent and 7 percent of their income.

The program would cost $70 billion a year, or about $700 billion over 10 years, according to an analysis provided to Warren’s office by economists Mark Zandi and Sophia Koropeckyj at Moody’s Analytics. For comparison, that is about the same cost as Sen. Bernie Sanders’s (I-Vt.) plan to make tuition free at public colleges and universities.

Read the full article here.

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