o Tax relief to those American’s who need it and the workers who have earned it.
o Reduce taxes on working people – the middle class, while jump starting growth and job creation.
o It is false hope that wealth automatically trickles down.
o Help Americans go to college, own a home, raise a family, start a business, and save for retirement. These goals are the foundation of the American dream.
Speaking points from President Obama’s speech given “Tax Day”, April 15, 2009, defining how Americans will be effected by New Tax Relief policies.
Six (6) Points of the Tax Relief Plan:
1) Tax cut for 95% of American workers (those making less then $250K/yr) – most progressive tax cut in American history. Starting April 1, 2009, people saw extra money in their pay checks. This tax cut will reach 120 million families and result in 120 billion dollars back in America pockets. This will boost demand, and save or create, over ½ million jobs. The Congressional Budget Office (CBO) has found that tax cuts like these for American workers are more than three times more effective in stimulating/recovery than tax breaks for the very wealthiest Americans.
2) Small businesses are allowed to off-set their losses against the income they’ve earned over the last five years. Where previously it was only over two years. Providing a record number of refunds for small businesses, to help maintain inventory and pay their workers.
3) $2,500 tax credit for all four years of college. By 2020, Americans will have the highest proportion of college graduates in the world.
4) Tax credits of up to $8,00 for first time home buyers
5) 2 trillion dollars in deficit reduction identified over the next decade by cutting programs that don’t work, contracts that aren’t fair, and spending that we don’t need. Also, doing away with “giveaways”.
6) Simplify the Tax Code to undo “carve outs” and “loop holes”.
Left of Center
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