GILFORD , NH -- Today in Gilford, NH, Hillary Clinton addressed the challenges facing middle class Americans, and the need to change the tax code to reward middle class families. She called for comprehensive middle class benefits and tax cuts to help families cope with growing economic challenges.
Clinton would extend the middle class tax cuts, including the child tax credit and marriage penalty relief, and give generous tax credits to help families afford healthcare. She would also offer up to $1,000 in matching tax cuts to help families save for retirement, expand the Earned Income Tax Credit, and dramatically increase higher education tax cuts. She would tie the minimum wage to Congressional salaries, and reform the Alternative Minimum Tax so that middle-class families never face a stealth-tax they were never meant to pay.
"We need to change our tax code to reward middle class families and get money into the pockets of people who will spend it,” Clinton said. "That’s why I’ve put forward a package of middle class tax cuts that will help restore the basic American bargain that if you work hard, you can get ahead – with dignified work, a college education, affordable healthcare, child care, savings and wealth.”
"Americans are anxious about more than the housing crisis. They are worried about an economy that is producing stagnant wages for middle class families. Productivity has risen 18 percent in six years, yet wages have stayed flat, and family incomes have fallen by nearly $1,000. I believe we need a new beginning in our economic policy - one that strengthens our middle class and ensures that prosperity is widely shared.”
Middle Class Tax Cuts to Put The American Dream Back in Reach:
*Offer generous tax credits to help families afford health care, including a premium affordability cap to ensure that no family pays more than a reasonable share of their income on healthcare. These tax credits are part of Hillary’s American Health Choices Plan to provide quality affordable healthcare to all Americans.
*More than double the HOPE tax credit to make college affordable for middle class families. Hillary will raise the maximum benefit amount for students and their families from $1,650 to $3,500. This new credit will cover more than 50% of the typical cost of public colleges and universities and more than the full cost of tuition for community colleges.
*Provide up to $1,000 in matching tax cuts to help families save and invest for the future. Hillary’s American Retirement Accounts plan will offer all Americans a new opportunity to save and build wealth with a generous matching 401(k) plan. Under her plan, couples making up to $60,000 will receive a dollar-for-dollar matching tax credit on the first $1000 they save, and couples making up to $100,000 will receive a fifty percent match on their first $1000 in savings.
*Expand the Earned Income Tax Credit to make work pay for working Americans. Hillary will triple the size of the EITC benefit for single workers, providing more than 4 million people a pro-work tax cut averaging $750.
*Increase tax benefits for child care by reforming the Child and Dependent Care Tax Credit.
*Reform the AMT to ensure that no middle class families are hit with a stealth tax
*Increase the minimum wage and tie it to Congressional salaries, so Congress cannot get a raise without giving American workers a raise as well