I proposed sending each working family a $500 tax cut and each senior a $250 supplement to their Social Security check. And if the economy gets worse, we should double those amounts.
For those Americans who are facing the brunt of the housing crisis, I’ve proposed a fund that would provide direct relief to victims of mortgage fraud. We’d also help those who are facing closure refinance their mortgages so they can stay in their homes. And I’d provide struggling homeowners relief by offering a tax credit to low- and middle-income Americans that would cover ten percent of their mortgage interest payment every year.
To make sure that folks aren’t tricked into purchasing loans they can’t afford, I’ve proposed tough new penalties for those who commit mortgage fraud, and a Home Score system that would allow consumers to compare various mortgage products so that they can find out whether or not they’ll be able to afford the payments ahead of time.
I’ll change our tax code so that it’s simple, fair, and advances opportunity, not the agenda of some lobbyist. I am the only candidate in this race who’s proposed a genuine middle-class tax cut that will provide relief to 95% of working Americans. This is a tax cut –paid for in part by closing corporate loopholes and shutting down tax havens – that will offset the payroll tax that working Americans are already paying, and it’ll be worth up to $1000 for a working family. We’ll also eliminate income taxes for any retiree making less than $50,000 per year, because our seniors are struggling enough with rising costs, and should be able to retire in dignity and respect. Since the Earned Income Tax Credit lifts nearly 5 million Americans out of poverty each year, I’ll double the number of workers who receive it and triple the benefit for minimum wage workers. And I won’t wait another ten years to raise the minimum wage – I’ll guarantee that it keeps pace with inflation every single year so that it’s not just a minimum wage, but a living wage. Because that’s the change that working Americans need.
Every American would be able to get the same kind of health care that members of Congress get for themselves, and we’d ban insurance companies from denying you coverage because of a pre-existing condition. And the main difference between my plan and Senator Clinton’s plan is that she’d require the government to force you to buy health insurance and she said she’d ‘go after’ your wages if you don’t. Well I believe the reason people don’t have health care isn’t because no one’s forced them to buy it, it’s because no one’s made it affordable – and that’s what we’ll do when I am President.
I’ll create a new and fully refundable tax credit worth $4,000 for tuition and fees every year, a benefit that students will get in exchange for community or national service, which will cover two-thirds of the tuition at the average public college or university. And I’ll also simplify the financial aid application process so that we don’t have a million students who aren’t applying for aid because it’s too difficult.
I’ll expand the child care tax credit for people earning less than $50,000 a year, and I’ll double spending on quality afterschool programs. We’ll also expand the Family Medical Leave Act to include more businesses and millions more workers; and we’ll change a system that’s stacked against working women by requiring every employer to provide seven paid sick days a year, so that you can be home with your child if they’re sick.
In addition to cutting costs for working families, we also need to help them save more – especially for retirement. That’s why we’ll require employers to enroll every worker in a direct deposit retirement account that places a small percentage of each paycheck into savings.
I’m proposing a National Infrastructure Reinvestment Bank that will invest $60 billion over ten years. This investment will multiply into almost half a trillion dollars of additional infrastructure spending and generate nearly two million new jobs – many of them in the construction industry that’s been hard hit by this housing crisis. The repairs will be determined not by politics, but by what will maximize our safety and homeland security; what will keep our environment clean and our economy strong. And we’ll fund this bank by ending this war in Iraq. It’s time to stop spending billions of dollars a week trying to put Iraq back together and start spending the money on putting America back together instead.
Sadly we have reached that tipping point where more than half the electorate is on the government gravy train. So we have a long way to go to get back to normal.
You can not tax business to death. They are the ones who make the jobs..
Why are democrats so bad at basic economics?