Obama proposes new tax credits under Middle Class Task Force

President Obama unveiled new economic incentives for working middle-class families during a meeting with the Middle Class Taskforce this morning

The Obama administration today unveiled a proposal to create new economic incentives that are aimed at assisting middle class Americans during this difficult economic time.

President Obama is proposing to double tax credits, force the creation of IRAs (these are workplace retirement savings vehicles) in firms for employees, and to limit student educational loan payments at 10-percent of total annual gross income, additional tax-cuts for families that are overseeing the care of elderly relatives, among other initiatives.

 The new breaks are only available to middle-class families who are earning less than $85,000 annually.

Despite the welcoming cuts, it appears the American people would prefer lower income taxes where they could allocate their increased discretionary income to areas they desire most.

President Obama said today the steps are needed in order to ease the burdens on middle class families. Vice President Joe Biden said in a statement, “It is our charge to get the middle class – the backbone of this country – up and running again.”

The new proposals come, as President Obama’s popularity is declining according to national polls because of the slow economic turnaround and double-digit unemployment rates.

At the upcoming State of the Union address, Obama is expected to heavily focus on job creation, the economy, and health-care reform.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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