Conservative Watchdog
The Obama Presidency - This site is to show the truth about this man, the administration and what they truly stand for.
Obama To Expand Earned Income Credit
Obama To Expand Earned Income Credit
November 7th, 2008
Yet more glad tidings from the President-Select’s Change.gov:
Plan to Revitalize the Economy
Jumpstart the Economy
* Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families:Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills. This relief would be a down payment on the Obama-Biden long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.
* Provide $50 billion to Jumpstart the Economy and Prevent 1 Million Americans from Losing Their Jobs: This relief would include a $25 billion State Growth Fund to prevent state and local cuts in health, education, housing, and heating assistance or counterproductive increases in property taxes, tolls or fees. The Obama-Biden relief plan will also include $25 billion in a Jobs and Growth Fund to prevent cutbacks in road and bridge maintenance and fund school repair - all to save more than 1 million jobs in danger of being cut.
Provide Middle Class Americans Tax Relief
Obama and Biden will cut income taxes by $1,000 for working families to offset the payroll tax they pay.
* Provide a Tax Cut for Working Families: Obama and Biden will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama and Biden will create a new “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. The “Making Work Pay” tax credit will completely eliminate income taxes for 10 million Americans.
Please note that the first thing out of the box is a windfall profit tax on the people who supply our energy.
What a surprise, huh?
But also notice they even admit they are going to expand the earned income credit, just as was foretold:
Obama and Biden will create a new “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. The “Making Work Pay” tax credit will completely eliminate income taxes for 10 million Americans.
This is “spreading the wealth around” — big time.
