Don't know if this should have it's own thread or not. I'm still trying to figure out why someone would want this type of package.
(excerpt)
Obama Tax Plan: Back To Welfare?
The plan does have some real tax cuts, such as the extension of President Bush's cuts for families making under $250,000. This relief is significant — though John McCain would go further and provide it for everyone. However, so are Obama's new or expanded refundable credits. These include, with five-year costs estimated by the Tax Policy Center:
• The "making work pay" credit of 6.2% up to $8,100 of earnings. Cost: $323.7 billion.
• A "universal mortgage" credit equal to 10% of mortgage interest for income-tax filers who don't itemize. Cost: $54 billion.
• An expansion of the child and dependent care credit, which would rise from 35% to 50% of expenses and would be refundable for the first time. Cost: $10.6 billion.
• The "American opportunity tax credit" to replace the (non-refundable) hope credit with a refundable credit of $4,000 for college costs. Cost: $58.2 billion.
• Expansion of the earned income tax credit to lower-income workers. Cost: $19.3 billion.
That's $465.8 billion in all over five years, all transferred from the $250K-plus set and going mostly to lower- and lower-middle-income Americans.
http://www.ibdeditorials.com/IBDArti...07840876217528
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