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Originally Posted by wehotex
Obama's tax cuts target parents, families with 2 incomes
Obama's proposed tax cuts would benefit households with two wage earners, families with young children in child care and those with older children in college. One proposal would a utomatically enroll workers in individual retirement accounts, unless they opt out. Another would extend the Earned Income Tax Credit to low-wage workers without children.
Middle-income families that don't fit these categories won't see many changes in their taxes, according to an analysis by the Tax Policy Center, a research group formed by the Urban Institute and the Brookings Institution.
This budget is disgusting. As usual, he is picking and choosing those that he favors and screw everyone else.
Among the bottom 20 percent — families with incomes averaging $15,600 — nearly a third would get tax cuts averaging $617. The rest would see little or no change in their taxes.
This is our left wing commie media at work: AS IF the bottom 20% even pays any income taxes!!! It is dishonest to say that they would be given a TAX CUT, where NO tax is paid at all.
— Triple the child care tax credit — to a maximum of $3,000 per child — and make the full credit available to families with incomes up to $120,000. Families with higher incomes could get a reduced credit. Cost: $50 billion over 10 years.
$120,000/year is RICH in some parts of this country. There is more to dislike about Obama with every passing day.
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Of course he's picking and choosing. These targeted tax cuts are simply his way of controlling the population, and "refundable" credits, not begun but expanded by him, are his way of redistributing wealth.
Just consider how he bailed out the banks with QE by swindling savers out of interest, then tell me how he cares about the middle class.