And that brings me to the third value I want to discuss - family values. I know what it's like to struggle to make ends meet - and to watch every penny you have. I didn't grow up with much. My dad died when I was four, and he left us with less than a few months rent. My mom took a job as a secretary just to pay the bills.
We didn't have much more when I was in the Army. For more than half of my thirty-four years, I earned less than $50,000 a year. I spent the summer of my fortieth birthday with my family living in a trailer in the Mohave dessert. So I know what it's like to struggle at the end of every month just to save a few dollars for a rainy day. I know what it's like to drive a car with tape on the muffler because you don't have the money to replace it. It isn't easy. And as president, I will never, ever forget where I'm from and who I'm for -- America's working families. They will be at the heart of every decision I make, starting with the most basic decisions about our economy. Because you can't take care of your family without the opportunity to work and make a decent wage.
But the sad fact is that today, too many Americans are working harder and harder for less and less. Under George W. Bush, the typical working family has seen its income fall by nearly $1,500. And as incomes have fallen, expenses have gone up - way up. The result is that too many families are struggling to make ends meet. The Republicans talk a lot about family values. It's time they started valuing families.
My Families First Tax Reform Plan is going to turn this around. Under my reform plan, families of four making under $50,000 will stop paying income taxes altogether - they will not have to pay a single penny in federal income tax. And all taxpaying families with children making under $100,000 will get a tax cut. The average family will get $1,500 - real money they can use for groceries, prescription drugs, and utility bills. I know how much of a difference $100 a month can make. I've been there. That's why we must give America's working families the tax relief they need and deserve.
And my plan won't increase the deficit by one dime. I'm going to pay for it by closing corporate loopholes and by having families with incomes greater than $1 million a year pay a five percentage point higher tax rate on the amount they earn over a million dollars a year. And we're going to take back the tax cuts George Bush gave the wealthiest Americans - those earning over $200,000 a year - and use that money for job creation.
That's just the beginning. You can't build strong families without basic health care. We're going to extend health insurance coverage to 30 million Americans - including every single American child.
And we're going to give every student who needs it a $6,000 grant for each of the first two years of college, helping an additional one million Americans enroll in college. Because the bottom line is that our children will never compete in the 21st century economy if they don't have a 21st century education.
These are the kind of family values that will unite our country, because strong families are the key to strong communities.
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