April 2, 2008
Clinton Has Middle Class Tax Cut Plan Which Benefits West Virginians
By Tony Rutherford
Huntingtonnews.net Reporter
(from a Hillary for President release)
Charleston, WV (HNN) – As Democratic Presidential candidate, Hillary Clinton, continues a six-day economic tour outlining her agenda for direct tax relief for working families, the campaign’s senior economic advisor outlined how Clinton’s plan to help middle class families.
Laura Tyson, the chair of former President Clinton’s Council of Economic Advisors and a professor at the Haas School of Business of the University of California, examined that Hillary Clinton’s plan “will provide direct relief and real opportunity for the hard working people of W.Va.” The Middle Class Tax Agenda has four prongs, including retirement benefits, higher education tax credits, affordable health care, and a tax credit for caregivers.
SAVINGS INCENTIVE
Clinton proposes to provide a “dollar-for-dollar” refundable tax credit match of the first $1,000.00 saved by married couples making up to $60,000 and a 50% match for those making between $60,000-$100,000. Approximately 528,000 West Virginia household would benefit, according to Jessica Santillo, a Clinton press aide.
COLLEGE TAX CREDIT
Clinton proposes doubling the HOPE tax credit --- from $1,650 to $3,500 --- which would cover “more than 50% of the typical cost of public colleges and universities and more than the full cost of tuition for community colleges,” the release said. The first $1,000 of college expenses could be claimed and 50% of the next $5,000. An estimated 98,000 West Virginia students would benefit.
AFFORDABLE HEALTHCARE
Although specifics of Clinton’s healthcare package remained somewhat generalized, her American Health Choices would provide tax credits “to ensure that no family pays more than a reasonable percentage of their income.”
EARNED INCOME CREDIT FOR FAMILIES, SINGLES
Called the credit “the most effective anti-poverty program in the U.S.,” Hillary Clinton would expand the program to include a third tier for families with three or more children in the household. An additional three million families would receive an additional $1,000 from the package. In addition, she proposes tripling the size of the EITC for single workers, creating an average tax cut of $750 for about four million singles.
She would also extend the expiring Child Tax Credit and marriage penalty relief which are due to expire in 2010.
While these credits assist the middle class, Clinton would scale back and/or eliminate the Bush tax cuts for wealthy Americans particularly those making over $250,000. The savings would fund middle class healthcare. A freeze of the Estate Tax at $7 million per couple (leaving 99.7% of estates untaxed) would provide resources to fund the other middle class cuts.
As president, Hillary proposes removing tax breaks from corporations that send jobs and production to other countries. The reclaimed money would be used to encourage domestic job creation and to permanently extend the research and develop (R & D) credit. She proposes doubling basic research budgets at major federal agencies and tripling post-graduate research grants in math and science.
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Clinton Has Middle Class Tax Cut Plan Which Benefits West Virginians
By Tony Rutherford
Huntingtonnews.net Reporter
(from a Hillary for President release)
Charleston, WV (HNN) – As Democratic Presidential candidate, Hillary Clinton, continues a six-day economic tour outlining her agenda for direct tax relief for working families, the campaign’s senior economic advisor outlined how Clinton’s plan to help middle class families.
Laura Tyson, the chair of former President Clinton’s Council of Economic Advisors and a professor at the Haas School of Business of the University of California, examined that Hillary Clinton’s plan “will provide direct relief and real opportunity for the hard working people of W.Va.” The Middle Class Tax Agenda has four prongs, including retirement benefits, higher education tax credits, affordable health care, and a tax credit for caregivers.
SAVINGS INCENTIVE
Clinton proposes to provide a “dollar-for-dollar” refundable tax credit match of the first $1,000.00 saved by married couples making up to $60,000 and a 50% match for those making between $60,000-$100,000. Approximately 528,000 West Virginia household would benefit, according to Jessica Santillo, a Clinton press aide.
COLLEGE TAX CREDIT
Clinton proposes doubling the HOPE tax credit --- from $1,650 to $3,500 --- which would cover “more than 50% of the typical cost of public colleges and universities and more than the full cost of tuition for community colleges,” the release said. The first $1,000 of college expenses could be claimed and 50% of the next $5,000. An estimated 98,000 West Virginia students would benefit.
AFFORDABLE HEALTHCARE
Although specifics of Clinton’s healthcare package remained somewhat generalized, her American Health Choices would provide tax credits “to ensure that no family pays more than a reasonable percentage of their income.”
EARNED INCOME CREDIT FOR FAMILIES, SINGLES
Called the credit “the most effective anti-poverty program in the U.S.,” Hillary Clinton would expand the program to include a third tier for families with three or more children in the household. An additional three million families would receive an additional $1,000 from the package. In addition, she proposes tripling the size of the EITC for single workers, creating an average tax cut of $750 for about four million singles.
She would also extend the expiring Child Tax Credit and marriage penalty relief which are due to expire in 2010.
While these credits assist the middle class, Clinton would scale back and/or eliminate the Bush tax cuts for wealthy Americans particularly those making over $250,000. The savings would fund middle class healthcare. A freeze of the Estate Tax at $7 million per couple (leaving 99.7% of estates untaxed) would provide resources to fund the other middle class cuts.
As president, Hillary proposes removing tax breaks from corporations that send jobs and production to other countries. The reclaimed money would be used to encourage domestic job creation and to permanently extend the research and develop (R & D) credit. She proposes doubling basic research budgets at major federal agencies and tripling post-graduate research grants in math and science.
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