5/17/2008 -- Today, at a rally in Frankfort, Kentucky, Hillary Clinton will outline her plan to create good jobs for Kentucky workers and cut taxes for middle class families. Hillary will also criticize Senator McCain for embracing George Bush’s economic vision.
She said: "Senator McCain has said he doesn’t understand the economy. But the economic agenda he’s laying out on the campaign trail suggests he understands exactly what he’s doing. It’s nothing but four more years of George Bush economics: Corporate special interests first, middle class families last, borrow from China and stick our children and grandchildren with the bill."
Hillary has a fundamentally different approach to the economy. Her economic plan will take back the benefits from corporate special interests and make the economy work for middle class families again. Her plan will:
Provide new tax cuts for middle class families, not tax giveaways to corporations: While Senator McCain wants to offer corporations a $100 billion tax cut, Senator Clinton’s plan will provide more than $100 billion in middle class tax cuts to help families afford healthcare, college, and saving for retirement.
End tax cuts for companies that ship jobs overseas, and investing in an aggressive plan help create good jobs in the U.S.: While Senator McCain wants to maintain tax incentives for companies that outsource, Senator Clinton’s plan will reform our tax code to reward job creation here in the U.S., and invest in helping create millions of good new jobs that can’t be outsourced.
Protecting Social Security from the McCain-Bush Privatization Plan: While John McCain has embraced President Bush’s failed Social Security Privatization scheme, Senator Clinton’s plan will protect Social Security for future generations of workers.
Restoring fiscal responsibility to Washington: While Senator McCain wants to continue President Bush’s fiscal recklessness with more than $400 billion in new unpaid for tax cuts, Senator Clinton’s plan will restore fiscal discipline and move us back toward balanced budgets.
Details of Hillary Clinton’s Economic Plan for Kentucky Families
1. Provide more than $100 billion in new tax cuts for middle class families. Hillary’s middle class tax cut plan will save families thousands of dollars who are struggling to pay for health care, college costs, or the care for an elderly parent or disabled child. It would also help families who are saving for a secure retirement. The cuts would provide middle class families with at least $100 billion in tax relief per year. A typical family making $50,000 would receive at least $4,500 in tax benefits, including matching tax cut of up to $1,000 to help save and build wealth, a $3,500 tax credit to help pay for college costs, and a generous tax cut to make health care affordable. In addition, a family caring for an elderly parent or disabled child would receive a $3,000 tax credit to help cover the costs of caregiving. Hillary would also expand the Earned Income Tax Credit (EITC) to help larger families, giving at least 3 million families with $1,000 in additional income and would triple the size of the EITC benefit for single workers, providing more than four million people a tax cut averaging $750. The impact of these tax cuts would be enormous for millions of Kentucky families. For example, 1.2 million Kentucky households will be eligible to receive with new matching tax cuts to help save for retirement and at least 67,000 Kentucky seniors, people with disabilities and their families will be eligible for a new $3000 Caregivers Tax Credit.
In contrast, Senator McCain’s economic plan will give more than $100 billion in new tax cuts to America’s largest and most profitable corporations.
Senator McCain’s plan will provide a $1.4 billion tax cut for Exxon, the most profitable company in history; a $500 million tax cut for Halliburton; and a $2 billion tax cut for America’s largest health insurance companies.
Senator McCain’s tax plan is even more skewed to the wealthy than the Bush tax cuts. Fifty-eight percent of the benefits from the McCain plan would go to the top 1% of taxpayer, compared to the 31% of the Bush tax cuts that went to the top 1% of taxpayers. [Center for American Progress, 2008].
Senator McCain’s corporate tax proposal would create massive new tax sheltering opportunities that would allow many corporations to avoid paying taxes altogether. As tax expert Reuven Avi-Yonah has explained, McCain’s proposal to allow businesses immediately expense 100% of their new investments "would open up almost unlimited opportunities for sheltering income. In fact for many corporations, the proposal would result in a negative effective tax rate on many investments-rather than paying a tax on profits the corporation would get money from the government in addition to their profits." [Center for American Progress, 2008].
2. End tax cuts for companies that ship jobs overseas, and invest in an aggressive plan help create good jobs in the U.S.: John McCain’s corporate tax plan would maintain current tax incentives that actually reward companies for outsourcing jobs. In contrast, Hillary will take away all tax breaks from companies that are sending jobs and production overseas and use those tax dollars to reward companies that invest in creating good jobs here in the U.S. Her plan to create good jobs for Kentucky families includes:
Investing in Infrastructure to help create 3 million new jobs. Hillary’s infrastructure plan would invest $10 billion in funding to help states review and repair their critical infrastructure; modernize seaports; expand funding for public transit and intercity rail; incentivize environmentally sensitive land use policies; and a reduce congestion. She is also a co-sponsor of bipartisan legislation to create a national infrastructure bank that would evaluate and finance large infrastructure projects.
Establishing a $50 billion Strategic Energy Fund to help create at least 5 million green collar jobs. In 2007, many of the largest oil companies recorded record profits. Exxon-Mobil recorded an annual profit of $40.6 billion, making it the most profitable corporation in history. Together, the five largest U.S. oil companies-Exxon-Mobil, Chevron, Conoco-Phillips, Valero and Marathon Oil-earned more than $75 billion in 2007- about $2,500 per second. Hillary’s energy plan would give large oil companies a choice: invest more in renewable energy technology or pay into a Strategic Energy Fund to jumpstart clean energy research and the development and deployment of renewable energy technologies. These investments will lay the foundation for our economy to create at least 5 million high-paying green collar jobs over the next decade.
Providing New Support to Help Small Businesses Create Good Jobs. At this time of economic uncertainty, small businesses are more important than ever. They have accounted for 80 percent of net new jobs since 1990 and employ more than half of all private sector workers. As president, Hillary will double funding for the Small Business Administration, which has been cut by 50% under the Bush Administration. Hillary will also provide new tax credits to small businesses to make it easier for them to create new jobs with health care for their workers here in the U.S.
Making Trade Work for Working Families.<>
Hillary has a fundamentally different approach to the economy. Her economic plan will take back the benefits from corporate special interests and make the economy work for middle class families again. Her plan will:
Provide new tax cuts for middle class families, not tax giveaways to corporations: While Senator McCain wants to offer corporations a $100 billion tax cut, Senator Clinton’s plan will provide more than $100 billion in middle class tax cuts to help families afford healthcare, college, and saving for retirement.
End tax cuts for companies that ship jobs overseas, and investing in an aggressive plan help create good jobs in the U.S.: While Senator McCain wants to maintain tax incentives for companies that outsource, Senator Clinton’s plan will reform our tax code to reward job creation here in the U.S., and invest in helping create millions of good new jobs that can’t be outsourced.
Protecting Social Security from the McCain-Bush Privatization Plan: While John McCain has embraced President Bush’s failed Social Security Privatization scheme, Senator Clinton’s plan will protect Social Security for future generations of workers.
Restoring fiscal responsibility to Washington: While Senator McCain wants to continue President Bush’s fiscal recklessness with more than $400 billion in new unpaid for tax cuts, Senator Clinton’s plan will restore fiscal discipline and move us back toward balanced budgets.
Details of Hillary Clinton’s Economic Plan for Kentucky Families
1. Provide more than $100 billion in new tax cuts for middle class families. Hillary’s middle class tax cut plan will save families thousands of dollars who are struggling to pay for health care, college costs, or the care for an elderly parent or disabled child. It would also help families who are saving for a secure retirement. The cuts would provide middle class families with at least $100 billion in tax relief per year. A typical family making $50,000 would receive at least $4,500 in tax benefits, including matching tax cut of up to $1,000 to help save and build wealth, a $3,500 tax credit to help pay for college costs, and a generous tax cut to make health care affordable. In addition, a family caring for an elderly parent or disabled child would receive a $3,000 tax credit to help cover the costs of caregiving. Hillary would also expand the Earned Income Tax Credit (EITC) to help larger families, giving at least 3 million families with $1,000 in additional income and would triple the size of the EITC benefit for single workers, providing more than four million people a tax cut averaging $750. The impact of these tax cuts would be enormous for millions of Kentucky families. For example, 1.2 million Kentucky households will be eligible to receive with new matching tax cuts to help save for retirement and at least 67,000 Kentucky seniors, people with disabilities and their families will be eligible for a new $3000 Caregivers Tax Credit.
In contrast, Senator McCain’s economic plan will give more than $100 billion in new tax cuts to America’s largest and most profitable corporations.
Senator McCain’s plan will provide a $1.4 billion tax cut for Exxon, the most profitable company in history; a $500 million tax cut for Halliburton; and a $2 billion tax cut for America’s largest health insurance companies.
Senator McCain’s tax plan is even more skewed to the wealthy than the Bush tax cuts. Fifty-eight percent of the benefits from the McCain plan would go to the top 1% of taxpayer, compared to the 31% of the Bush tax cuts that went to the top 1% of taxpayers. [Center for American Progress, 2008].
Senator McCain’s corporate tax proposal would create massive new tax sheltering opportunities that would allow many corporations to avoid paying taxes altogether. As tax expert Reuven Avi-Yonah has explained, McCain’s proposal to allow businesses immediately expense 100% of their new investments "would open up almost unlimited opportunities for sheltering income. In fact for many corporations, the proposal would result in a negative effective tax rate on many investments-rather than paying a tax on profits the corporation would get money from the government in addition to their profits." [Center for American Progress, 2008].
2. End tax cuts for companies that ship jobs overseas, and invest in an aggressive plan help create good jobs in the U.S.: John McCain’s corporate tax plan would maintain current tax incentives that actually reward companies for outsourcing jobs. In contrast, Hillary will take away all tax breaks from companies that are sending jobs and production overseas and use those tax dollars to reward companies that invest in creating good jobs here in the U.S. Her plan to create good jobs for Kentucky families includes:
Investing in Infrastructure to help create 3 million new jobs. Hillary’s infrastructure plan would invest $10 billion in funding to help states review and repair their critical infrastructure; modernize seaports; expand funding for public transit and intercity rail; incentivize environmentally sensitive land use policies; and a reduce congestion. She is also a co-sponsor of bipartisan legislation to create a national infrastructure bank that would evaluate and finance large infrastructure projects.
Establishing a $50 billion Strategic Energy Fund to help create at least 5 million green collar jobs. In 2007, many of the largest oil companies recorded record profits. Exxon-Mobil recorded an annual profit of $40.6 billion, making it the most profitable corporation in history. Together, the five largest U.S. oil companies-Exxon-Mobil, Chevron, Conoco-Phillips, Valero and Marathon Oil-earned more than $75 billion in 2007- about $2,500 per second. Hillary’s energy plan would give large oil companies a choice: invest more in renewable energy technology or pay into a Strategic Energy Fund to jumpstart clean energy research and the development and deployment of renewable energy technologies. These investments will lay the foundation for our economy to create at least 5 million high-paying green collar jobs over the next decade.
Providing New Support to Help Small Businesses Create Good Jobs. At this time of economic uncertainty, small businesses are more important than ever. They have accounted for 80 percent of net new jobs since 1990 and employ more than half of all private sector workers. As president, Hillary will double funding for the Small Business Administration, which has been cut by 50% under the Bush Administration. Hillary will also provide new tax credits to small businesses to make it easier for them to create new jobs with health care for their workers here in the U.S.
Making Trade Work for Working Families.<>
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