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jefferson_dem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:35 AM
Original message
Obama to Offer Aid for Families in State of the Union Address
Edited on Mon Jan-25-10 06:59 AM by jefferson_dem
Obama to Offer Aid for Families in State of the Union Address
By SHERYL GAY STOLBERG

WASHINGTON President Obama will propose in his State of the Union address a package of modest initiatives intended to help middle-class families, including tax credits for child care, caps on some student loan payments and a requirement that companies let workers save automatically for retirement, senior administration officials said Sunday.

By focusing on what one White House official calls the sandwich generation struggling families squeezed between sending their children to college and caring for elderly parents Mr. Obama hopes to use his speech on Wednesday to demonstrate that he understands the economic pain of ordinary Americans. The proposals also include expanded tax credits for retirement savings and money for programs to help families care for elderly relatives.

<SNIP>

Mr. Obama and Vice President Joseph R. Biden Jr. plan to outline the proposals on Monday when they meet with the White House task force that has spent the past year examining ways to help the middle class.

While Mr. Obama has been shifting his focus toward job creation in recent weeks, an official said the president also wanted to spotlight what the White House regards as critical areas where middle-class families need a helping hand to get ahead, like paying for college and saving for retirement.

For example, the president is calling on Congress to nearly double the child care tax credit for families earning less than $85,000 a proposal that, if adopted, would lower by $900 the taxes such families owe to the government. But the credit would not be refundable, meaning that families would not get extra money back on a tax refund.

Another of the presidents proposals, a cap on federal loan payments for recent college graduates at 10 percent of income above a basic living allowance, would cost taxpayers roughly $1 billion. The expanded financing to help families care for elderly relatives would cost $102.5 million a pittance in a federal budget where programs are often measured in tens if not hundreds of billions of dollars. And the automatic paycheck deduction program would simply be a way to encourage workers to save, and would include tax credits to help companies with administrative costs.

<SNIP>

http://www.nytimes.com/2010/01/25/us/politics/25obama.h...


Obama Will Preview Package of Middle Class Tax Cuts

Jan. 25 (Bloomberg) -- President Barack Obama today will preview a package of tax cuts for the middle class, including an increased tax credit for child care, limits on student loan payments, and an expansion of tax credits to match retirement savings, according to an administration official.

The proposals preview one of the main themes the president plans to sound in his State of the Union Address on Jan. 27, said the official, who spoke on condition of anonymity. The plan was earlier reported by the New York Times.

The president will propose a requirement that all companies, regardless of size, allow their employees to enroll in direct-deposit retirement savings accounts.

At an event with Vice President Joe Biden this morning, Obama will announce a plan to enact new safeguards to protect retirement savings.

On child tax credits, the president wants to increase the deduction limit from 20 percent to 35 percent for families making under $85,000 a year, the official said. The White House calculates that such an increase would nearly double the tax credit for qualifying families.

<SNIP>

http://news.yahoo.com/s/bloomberg/20100125/pl_bloomberg...
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asdjrocky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:37 AM
Response to Original message
1. Way too little and way too late Mr President.
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jefferson_dem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:42 AM
Response to Reply #1
3. Bah.
Edited on Mon Jan-25-10 06:43 AM by jefferson_dem
Nevermind.

It's not worth it.

Enjoy the doldrums.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:49 AM
Response to Reply #1
5. You still missin' lil johnny edwards? You sound bitter. Always. nt
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asdjrocky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:10 AM
Response to Reply #5
9. Isn't that sweet of you.
And if you believe they have anything for the poor or the working people you sound delusional.

As far as the Edwards crack, you can look back and see I endorsed and supported Obama strongly.

Perhaps you're feeling the sting of a decision gone wrong?



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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:19 AM
Response to Reply #9
11. No, I'm not. But I remember actually
feeling sorry for you. Now you seem to be taking your 'sting' and directing it at the person who won. You might want to examine your motives.

Are you a sore loser who finds fault in every last thing this man does? Sounds like it to me.

:fistbump:
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asdjrocky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 12:18 PM
Response to Reply #11
29. Not at all.
I'm a liberal who values the truth and promises kept.
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:41 AM
Response to Original message
2. What? Where is our $700 billion bailout?
The banks got hundreds of billions of dollars while we get one.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:49 AM
Response to Original message
4. Sounds good; can't wait to hear this! Rec'd. nt
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midnight Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:55 AM
Response to Original message
6. Mr. President families need cash in their hands to pay for mortgages that are
worthless, and food.... Then when those basics can be meet, they can save....
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:27 AM
Response to Reply #6
12. Families will get money in their pocket via the child tax credit.
do you know how it works?
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jefferson_dem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:43 AM
Response to Reply #12
18. Responses to this thread =
more evidence that some people feel destined to be disappointed.

...Or at least they like to tell others they are.
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:44 AM
Response to Reply #18
20. I'm amazed that it appears that for some, Obama is better off doing nothing,
Edited on Mon Jan-25-10 07:46 AM by FrenchieCat
cause when he does anything, it's automatically assumed
by the usual suspect that he's done something wrong.....
even when they don't even have the full story.

It's like erring on the side of being deeply disappointed
just to be safe.

Amazing.

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GinaMaria Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:06 AM
Response to Original message
7. The proof is in the details not the pretty speech
I don't expect that anyone around me will be helped by this. I hope I am wrong, but I'm not investing anything in words.
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:40 AM
Response to Reply #7
13. People that have children will certainly be helped.
Edited on Mon Jan-25-10 08:07 AM by FrenchieCat
A couple making $60,000 per year normally get a $1,000 per child tax credit for each. Doubling that would be $2,000 per child. That means a family with two children would get an additional $2,000 in credit to either reduce their tax, and once that tax is reduced to zero (if they pay a mortgage than it get reduced really quickly), the rest becomes a part of the refund, showing as money paid in. That's an excellent way of helping families who need money ASAP!

If it's a Child care credit, again, this reduces the calculated tax directly.
That's not as helpful as a refundable tax credit, but it helps those who have
a tax liability at the end of the year, and that's just about anyone that makes a
nominal living.
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GinaMaria Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:06 AM
Response to Reply #13
28. The proof is in the details
What he says and what we get can be two different things. We shall see what we end up with.
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My Good Babushka Donating Member (966 posts) Send PM | Profile | Ignore Mon Jan-25-10 07:10 AM
Response to Original message
8. Tax cuts?
You've got to be kidding me?! I think I'm going to vomit. It's been two years and we're still looking for a job, saying' bye bye to the house, and this is all we're going to get?
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asdjrocky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:12 AM
Response to Original message
10. Tax cuts for people without jobs.
Brilliant!
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:42 AM
Response to Reply #10
15. If you are a middle income family, then those folks have jobs.
Did he say that is all he was going to do?
Should he send you a check directly?

Why do you hate everything?
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asdjrocky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 12:20 PM
Response to Reply #15
30. Coz I'm just a big mean hater FrenchieCat.
I hate all the lies.

I care about the poor. And I care about the working poor. And I care about the truth, which is why I care little for what you ever have to say.
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BobRossi Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:41 AM
Response to Original message
14. That's great if you are working.
I'm still fucked.
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:43 AM
Response to Reply #14
17. So you aren't a middle income family then.
Perhaps there is something else that he will be doing for folks not working....

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BobRossi Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:45 AM
Response to Reply #17
21. He's already doing something for folks not working.
And I'm getting real tired of being shit on.
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:46 AM
Response to Reply #21
22. Well OK than......
I'm sure he'll be pulling a job out of his ass with your name on it
at any moment.

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BobRossi Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:51 AM
Response to Reply #22
23. I'd be happy if he created ONE job for someone other than his banker buddies.
He's pissed away a year and has done nothing to help those American families that need it.
He has made certain that his banker friends can still live in great luxury.
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:05 AM
Response to Reply #23
24. You are so into your soundbytes,
talking to you is like talking to a freeper.
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BobRossi Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:14 AM
Response to Reply #24
25. And you are so not into the truth.
Welcome to my ignore list
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:20 AM
Response to Reply #23
26. Just because you don't recognize or acknowlege what's been
happening doesn't mean it's not happening. There are a lot of gainfully employed people thanks to the stim funds.

http://projects.propublica.org/tables/stimulus-spending...
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Bluenorthwest Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:42 AM
Response to Original message
16. When a religious bigot starts talking about 'familiy'
we know that what they mean is discrimination against GLBT people, because we are strangers to one another under the President's faith based policy. No matter how long we have been together, the bigoted law treats us as strangers.
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:43 AM
Response to Reply #16
19. Child care credit applies to anyone who pays childcare.
Edited on Mon Jan-25-10 08:08 AM by FrenchieCat
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WyldRogue Donating Member (312 posts) Send PM | Profile | Ignore Mon Jan-25-10 08:40 AM
Response to Reply #19
27. And child care is very expensive as well....
Edited on Mon Jan-25-10 08:43 AM by WyldRogue
...so my son has 3 children, all 3 are in child care because both he and our daughter in law work. Childcare for 3 children for a month is just under $4300 x 12 - (up to 2000 per child-if they can claim all 3-) = nothing if you look at the big picture.

As it stands now, they scrape by with what they have and conserve money where they can to make sure the kids have birthdays and Christmas' because why should the kids NOT enjoy those times right?

I have to say though, it is about time he did something for Main Street because a year of WS, banks and health Insurance reform bailouts, some people really do need the help, even if it is $6000 in tax credits. Now I only hope both of their jobs are safe because if 1 loses a job, then no more Home :( and the tax credit would be a moot offering in the end.

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arcadian Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 01:12 PM
Response to Original message
31. Families? How about the rest of us?
Again Obama offers empty promises.
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