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Obama Announces Middle Class Tax Initiatives,
by Leroy Baker, Tax-News.com, New York
Friday, January 29, 2010
US President Barack Obama has announced expanded tax credits for individual
taxpayers as part of his so-called "Middle Class Task Force" initiative, which
is set to form a central theme to his upcoming State of the Union address.
Vice President Joe Biden, who chairs the task force, intends to
propose several policy initiatives to help middle class families in America,
chief among them a near doubling of the Child and Dependent Care Tax Credit
for middle class families. This will be accomplished by increasing their tax
credit rate from 20% to 35% of qualifying expenses.
According to the administration, while most of the benefit of the tax credit
increase will be felt by families making less than USD85,000 a year, every family
that makes under USDD115,000 will see their tax credit increase.
Created on January 30, 2009, the Middle Class Task Force is a group of top-level
administration policy makers, charged with the mission of focusing on developing
policies aimed at raising the living standards of middle class Americans.
Other initiatives to be announced by the task force include a system of automatic
workplace Individual Retirement Accounts (IRAs), requiring all employers to
give the option for employees to enroll in a direct-deposit IRA; and the expansion of tax credits to match retirement savings.
Responding to the proposed measures, Charles Rangel, Chairman of the House
of Representatives Ways and Means Committee, said that Congress "stands
ready to work with President Obama and Vice President Biden to reduce [the middle
class] tax burden."
"The cornerstone of the recommendations outlined today – expanding the
child care tax credit and improving incentives to help workers save for retirement
– demonstrate our underlying commitment to help middle class families
rebuild the economic security they lost in the financial downturn," Rangel
observed.
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