Obama proposes doubling of the child care tax credit

Nervous about slow growth? Throw money at it!

President Obama plans a good foot washing for the middle class with new tax credit expansions.

America’s economic recovery may not be coming along as fast as you prefer. Since scoring political points is akin to sucking up Cheez-Its for hungry politicians, change cannot come fast enough. In other news, President Obama has proposed doubling the child care tax credit as part of his Middle Class Task Force. Depending upon who you ask, this has nothing to do with recent elections in Massachusetts, New Jersey and Virginia. It also has nothing to do with me selling payday loans to you.

Middle class “under assault”

President Obama equates expanding the child care tax credit with helping to restore confidence and security for Dick and Jane. By the numbers, CNN reports that the Child and Dependent Care Tax Credit would increase from 20 to 35 percent for those families with an income under $85,000. The increase for families earning between $85,000 and $115,000 would also see an increase, apparently to a lesser extent.

Child care funding would also receive a $1.6 billion Cheez-Its distribution if Obama’s plan comes to fruition, which would be the largest such increase in 20 years. For students struggling with their federal loans, Obama also proposed lowering the payment to 10 percent of income “above a basic living allowance.”

Direct deposit IRAs

If you have a checking account with direct deposit, you can receive payday loans. If Obama has his way, your employer will also have to offer you a direct deposit IRA. The government would match 50 percent for the first $1,000 contributed by families making $65,000 or below as part of the tax saver’s credit.

Matching and protecting retirement savings and providing more support for families responsible for elderly care are also goals for the Obama administration.

Wait for it in the 2011 budget

That’s where these recommendations will show up, and February 1, 2010 is the debut date for that document. President Obama will no doubt cover this at great length during his upcoming State of the Union address. If you need to experience this address is all its HDTV glory, re-evaluate your priorities. But if you go for it, payday loans are available.

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