So The Ivy League Liberal Democrats at least came up with a plan that could work. One third of the Obama Stimulus was Tax Cuts, and here they are:
For Individuals
Tax Cuts
Making Work Pay Credit Expanded Earned Income Credit To Offset Payroll Taxes - 6.2 percent of earned income of the taxpayer, $400 ($800 in the case of a joint return) Phased out at $95,000 of individual taxpayer, $190,000 of joint return ETA JUNE
Child tax credit, Income threshold reduced to $3,000, provides credit of 15% on all earnings, up to $1,000
American Opportunity Education Credits w/ $2,500 credit for first four years of higher education expenses (increase income limitations), with credit partially-refundable (30% refundable); adds course materials to tuitions and fees, increases credit to taxpayers with $80,000 income or households with $160,000
Opportunity.gov Education Assistance Programs
Sales Tax Deduction on new car purchases, phased out on $125,000 income per earner.
Raises Exemption on AMT to 70,950 for joint filers and $46,700 for singles, expands applicable credits.
Remove repayment requirement on $8,000 first-time home buyer credit for homes purchased after 2008 and before termination of credit (June 30, 2009)
Extends tax credits through 2010 to make energy-efficiency improvements to homes, equal to 30 percent (capped at $1,500) of the amount they paid for energy-efficient furnaces, hot water boilers and other energy savings improvements.
30 percent uncapped tax credit for solar water heating property, small wind energy property and geothermal heat pumps
Tax credit for newly unemployed to cover up to 65% of COBRA. Tenured Workers over 55 can maintain COBRA until they are eligible for Medicare.
For Business
Tax Cuts
Bonus depreciation for capital expenditures and debt cancellation
5-year carryback of net operating losses for companies earning less than $15 million
Extension of increased small business expensing, $250,000 deduction direct from tax liability
Defer taxes five years on debt cancellation
Expand work opportunity tax credit for disconnected youth and unemployed, recently-discharged veterans
Prospectively repeal Treasury Section 382 built-in loss ruling, that helped the Wells Fargo acquisition of Wachovia.
New Small Business Size Eligibilities
For State and Local Governments
Tax Cuts
Allow financial institutions to purchase State and local bonds and other changes
Coordination provisions with new grant program for low-income housing being designed by the Financial Services Committee
Repeal AMT limits on new private activity bonds
Taxable bond option for governmental bonds
Clean renewable energy bonds
One year deferral of withholding tax on government contractors
Provide tax exempt bonds and tax credit bonds to "recovery zones." These tax exempt bonds and tax credit bonds can be used for a wide array of purposes to stimulate economic development, including job training and education. A "recovery zone" would be an area within a State, city or county that has exhibited high unemployment, foreclosures or poverty. These bonds would be allocated automatically to States and large municipal governments based on the number of unemployed individuals within that area.
For Energy Incentives
Tax Cuts - $20 Billion
Provides $20 billion in tax incentives for renewable energy and energy efficiency
Three-year extension of the production tax credit (PTC) for electricity derived from wind, biomass, geothermal, hydropower, landfill gas, waste-to-energy, and marine facilities
Grants of up to 30 percent of the cost of building certain new renewable energy facility
Expands tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, roofs, cooling equipment and insulation.
Provides a tax credit for individuals to purchase plug-in hybrid vehicles, alternative-fuel vehicles, diesel vehicles with advanced lean-burn technologies, and fuel-cell vehicles of up to $7,500
New manufacturing investment tax credit for investment in advanced energy facilities and other innovative next-generation green technologies.
Boehner and McConnell were opposed to all that from the start. The Party of Abraham Lincoln only takes things away that have anything to do with lower and middle income white people. That is on their permanent record, to cheapen the value of all of labor, especially of freed labor.
"Crow, James Crow: Shaken, Not Stirred"
(Many White Eyes not see tax incentive for more firewater of Tennessee Bourbon whiskey-makers--which is Intellectual Property, even in NAFTA! Hmmmm!)
For Individuals
Tax Cuts
Making Work Pay Credit Expanded Earned Income Credit To Offset Payroll Taxes - 6.2 percent of earned income of the taxpayer, $400 ($800 in the case of a joint return) Phased out at $95,000 of individual taxpayer, $190,000 of joint return ETA JUNE
Child tax credit, Income threshold reduced to $3,000, provides credit of 15% on all earnings, up to $1,000
American Opportunity Education Credits w/ $2,500 credit for first four years of higher education expenses (increase income limitations), with credit partially-refundable (30% refundable); adds course materials to tuitions and fees, increases credit to taxpayers with $80,000 income or households with $160,000
Opportunity.gov Education Assistance Programs
Sales Tax Deduction on new car purchases, phased out on $125,000 income per earner.
Raises Exemption on AMT to 70,950 for joint filers and $46,700 for singles, expands applicable credits.
Remove repayment requirement on $8,000 first-time home buyer credit for homes purchased after 2008 and before termination of credit (June 30, 2009)
Extends tax credits through 2010 to make energy-efficiency improvements to homes, equal to 30 percent (capped at $1,500) of the amount they paid for energy-efficient furnaces, hot water boilers and other energy savings improvements.
30 percent uncapped tax credit for solar water heating property, small wind energy property and geothermal heat pumps
Tax credit for newly unemployed to cover up to 65% of COBRA. Tenured Workers over 55 can maintain COBRA until they are eligible for Medicare.
For Business
Tax Cuts
Bonus depreciation for capital expenditures and debt cancellation
5-year carryback of net operating losses for companies earning less than $15 million
Extension of increased small business expensing, $250,000 deduction direct from tax liability
Defer taxes five years on debt cancellation
Expand work opportunity tax credit for disconnected youth and unemployed, recently-discharged veterans
Prospectively repeal Treasury Section 382 built-in loss ruling, that helped the Wells Fargo acquisition of Wachovia.
New Small Business Size Eligibilities
For State and Local Governments
Tax Cuts
Allow financial institutions to purchase State and local bonds and other changes
Coordination provisions with new grant program for low-income housing being designed by the Financial Services Committee
Repeal AMT limits on new private activity bonds
Taxable bond option for governmental bonds
Clean renewable energy bonds
One year deferral of withholding tax on government contractors
Provide tax exempt bonds and tax credit bonds to "recovery zones." These tax exempt bonds and tax credit bonds can be used for a wide array of purposes to stimulate economic development, including job training and education. A "recovery zone" would be an area within a State, city or county that has exhibited high unemployment, foreclosures or poverty. These bonds would be allocated automatically to States and large municipal governments based on the number of unemployed individuals within that area.
For Energy Incentives
Tax Cuts - $20 Billion
Provides $20 billion in tax incentives for renewable energy and energy efficiency
Three-year extension of the production tax credit (PTC) for electricity derived from wind, biomass, geothermal, hydropower, landfill gas, waste-to-energy, and marine facilities
Grants of up to 30 percent of the cost of building certain new renewable energy facility
Expands tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, roofs, cooling equipment and insulation.
Provides a tax credit for individuals to purchase plug-in hybrid vehicles, alternative-fuel vehicles, diesel vehicles with advanced lean-burn technologies, and fuel-cell vehicles of up to $7,500
New manufacturing investment tax credit for investment in advanced energy facilities and other innovative next-generation green technologies.
Boehner and McConnell were opposed to all that from the start. The Party of Abraham Lincoln only takes things away that have anything to do with lower and middle income white people. That is on their permanent record, to cheapen the value of all of labor, especially of freed labor.
"Crow, James Crow: Shaken, Not Stirred"
(Many White Eyes not see tax incentive for more firewater of Tennessee Bourbon whiskey-makers--which is Intellectual Property, even in NAFTA! Hmmmm!)