« | »

Obama To Expand Earned Income Credit

Yet more glad tidings from the President-Select’s Change.gov:


Plan to Revitalize the Economy

Jumpstart the Economy

    * Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families:Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills. This relief would be a down payment on the Obama-Biden long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.

    * Provide $50 billion to Jumpstart the Economy and Prevent 1 Million Americans from Losing Their Jobs: This relief would include a $25 billion State Growth Fund to prevent state and local cuts in health, education, housing, and heating assistance or counterproductive increases in property taxes, tolls or fees. The Obama-Biden relief plan will also include $25 billion in a Jobs and Growth Fund to prevent cutbacks in road and bridge maintenance and fund school re­pair – all to save more than 1 million jobs in danger of being cut.

Provide Middle Class Americans Tax Relief

Obama and Biden will cut income taxes by $1,000 for working families to offset the payroll tax they pay.

    * Provide a Tax Cut for Working Families: Obama and Biden will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama and Biden will create a new “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. The “Making Work Pay” tax credit will completely eliminate income taxes for 10 million Americans.

Please note that the first thing out of the box is a windfall profit tax on the people who supply our energy.

What a surprise, huh?

But also notice they even admit they are going to expand the earned income credit, just as was foretold:

Obama and Biden will create a new “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. The “Making Work Pay” tax credit will completely eliminate income taxes for 10 million Americans.

This is “spreading the wealth around” — big time.

This article was posted by Steve Gilbert on Friday, November 7th, 2008. Comments are currently closed.

28 Responses to “Obama To Expand Earned Income Credit”

  1. Colonel1961

    Free cheese!

  2. proreason

    s o c i a l i s m

    When will the first 5-year plan appear?

    And if they soak the oil companies

    d e p r e s s i o n

  3. Just when gas was starting to get cheap again.

  4. artpa

    I wonder what “working family” means… can you work 1 day a year and qualify?

  5. Steve

    “I wonder what “working family” means… can you work 1 day a year and qualify?”

    I suspect it has about as much meaning as “earned” in “earned income credit.”

    Which is to say it means the opposite of what it says.

  6. curvyred

    I work with a woman who “selects” to work part-time, she lives in a “subsidized townhouse”, has 7 children with 8 different men.
    She gets EITC, food stamps, free medical care, free heating assistance, and she also is going to college again at our taxpayer expense. (third degree)

    She is currently “trying” to get pregnant again. I wish I were kidding around when I typed that, but I kid you not!

    Her rent payment is $15 per month. Her children have every luxury known to mankind.

    She is considered “underpriveledged” whilest the rest of us who work O.T and some of us two jobs, are considered “rich”

    Apperently Obama wants to finance more women like her. You know, the :”poor and underpriveledged”

  7. Colonel1961

    I’m not real good at math (or sex), but how do you have 7 children with 8 different men?

  8. proreason

    “She is currently “trying” to get pregnant again”

    Getting pregnant is her business.

    “The following are facts about persons defined as “poor” by the Census Bureau, taken from various government reports:

    Forty-six percent of all poor households actually own their own homes. The average home owned by persons classified as poor by the Census Bureau is a three-bedroom house with one-and-a-half baths, a garage, and a porch or patio.
    Seventy-six percent of poor households have air conditioning. By contrast, 30 years ago, only 36 percent of the entire U.S. population enjoyed air conditioning.
    Only 6 percent of poor households are overcrowded. More than two-thirds have more than two rooms per person.
    The average poor American has more living space than the average individual living in Paris, London, Vienna, Athens, and other cities throughout Europe. (These comparisons are to the average citizens in foreign countries, not to those classified as poor.)
    Nearly three-quarters of poor households own a car; 30 percent own two or more cars.
    Ninety-seven percent of poor households have a color television; over half own two or more color televisions.
    Seventy-eight percent have a VCR or DVD player; 62 percent have cable or satellite TV reception.
    Seventy-three percent own microwave ovens, more than half have a stereo, and a third have an automatic dishwasher. ”

    http://www.heritage.org/Resear.....bg1713.cfm

    But that was published in 2004 and we know how hellish the economy was until just recently when the fat cats finally got what they deserved. Why, growth in the last 7 quarters has only averaged 2% annually.

    So they deserve more. 1,000 CEO’s are living large.

  9. texaspsue

    Most people don’t realize that this will affect the small oil and gas businesses also. (It happened in the 80’s.) I think about all of the alternative energy projects and oil/gas projects that the small businesses have created in the last 10 years in Texas. (Thanks to Bush, mind you) And, any future projects that are going down the tubes as we speak. Now, they see the future and are started to getting out before it’s too late. It’s not worth the trouble for some of them and they figure they’ll just retire before they lose ALL of their money. Also, lately, a lot of “carpetbaggers” are arriving in Texas trying to horn in on some of the existing alternative energy projects. THIS kind of legislation is truly going to tank our economy and energy independence dream. Sigh.

    Oh, did I mention that my hubby works as a contractor for a small oil and gas company in alternative energy? Yeah, you got it. Oh well, on to Plan B….. :-)

  10. Ravenwood

    This is what he campaigned on. He won, and now he’s going to do it. God help us all.

  11. BillK

    Note that they fail to define “excessive” which apparently means “whatever the hell we want it to.”

    Funny, the oil and gas industry has been just about the only one that’s been growing and adding jobs.

    Of course it needs to be destroyed.

  12. BigOil

    Oil company profits will fall sharply in the fourth quarter due to the price of oil plummetting. I suppose that still constitutes a windfall in the mind of a socialist.

    The two largest US oil companies, Exxon-Mobil and Chevron, have paid 48 billion dollars in income taxes so far this year. Apparently that is not a big enough windfall for the government that is sucking the lifeblood out of the private sector.

  13. Professor_Repulso

    “Clearly, this is an historic moment, pregnant with potential. It is time to end the unbroken monopoly of dead-white-guy portraiture on our currency; it is time to put a man of vision on ‘those dollar bills’ for the sake of those with really lousy vision. It’s time for the Bureau of Engraving and Printing to start cranking out Obama bucks. Why wait until he’s elected president? Didn’t Obama already adorn his portable podium with a bogus imitation of the presidential seal? In his own mind he’s already president, so let’s give him the memorial he deserves; let’s put his likeness on a three-dollar bill.
    “The new currency would be a tasteful and harmonious marriage of old and new technologies; it would be a delight to all the senses. The central feature would, of course, be a portrait of The One himself.
    “Counterfeiters would be frustrated in their attempts to match the subtle tints of the ‘living color’ skin tones that so perfectly capture the heritage of our first mulatto commander-in-waiting. His followers could get a feel for the Great Man by stroking his manly head of hair – artfully rendered in salt-and-pepper flocking.
    “The muscular dimensions of his manly ears, bursting beyond the bounds of antique currencies would alert the profoundly blind to the true value of the bills they were fondling.
    “In all probability, only Mister Obama’s blindest followers would avail themselves of this currency’s new flavor dimension – only by licking the bills could they share with mainstream media personalities what it tastes like to kiss Lord Obama’s ass.
    “Once Barack Obama’s blind followers catch wind of the new currency’s scratch n’ sniff chemistry, it’s inevitable that they will start calling them B.O. bucks. The possibilities here are limitless. Merely by scraping the surface of the bills with an untrimmed fingernail, a student ID, or a welfare card, any Obama loyalist would release a rapture of olfactory connections to The One. It might be the scent of his expensive cologne, or the bouquet of his favorite French wine, or the smell of that part of him that the Reverend Jesse Jackson wants to slice off with a straight razor.
    “The last remaining sense is hearing. That’s a challenge, but in a time when American genius spits out birthday cards featuring portraits of Elvis on velvet with embedded microchips that wish you a ‘Hunka, hunka, piece of birthday cake’ is a tap n’ listen Obama three-dollar bill beyond our reach? He’s the master of twaddle; he’s the pope of hope without specifics; he stands for ‘change’ of some vague sort, so the microchip message from this Teflon messiah would be characteristically vapid, something like ‘I am Barack Obama. I am the one I have been waiting for.’ ”

    Thomas Clough

  14. curvyred

    Proreason, how correct you are!
    “She is currently “trying” to get pregnant again”

    Getting pregnant is her business.”

    And apparently it pays well, she did not start working until she was 32. And only works the requisite 20 hrs per week, and only because she is mandated to or she loses her “housing”

  15. imnewatthis

    Curvyred, I cannot believe your co-worker has the nerve to actually admit she’s trying to get pregnant again. Doesn’t she realize those within earshot may become even more resentful about having to subsidize her and her progeny? I’m dying to know what reason she gives for wanting to get pregnant again.

  16. Liberals Make Great Speedbumps

    “In all probability, only Mister Obama’s blindest followers would avail themselves of this currency’s new flavor dimension – only by licking the bills could they share with mainstream media personalities what it tastes like to kiss Lord Obama’s ass.”

    Now that’s funny!

  17. leerm8680

    Has anyone read “Snow Crash” by Neil Stephenson? Here is a couple of excerpts:

    ===
    Y.T. opens the glove compartment, as anyone else would call it, and finds a thick bundle of worn-out, dirty, trillion-dollar bills.
    Ed Meeses.

    “Jeez, couldn’t you get any Gippers? This is kind of bulky.”

    “This is more the kind of thing that a Kourier would pay with.”

    “Because we’re all pond scum, right?”

    “No comment.”

    “What is this, a quadrillion dollars?”

    “One-and-a-half quadrillion. Inflation, you know.”

    ====
    “Did these donations take place before hyperinflation?”

    “Yes, sir. They were, as the expression goes, real money.”

    I’ get a very bad feeling that Biden was right about something that will be challenging to the O administration; something that we would “have to trust them” about. After all, they are soooooooo much smarter than the rest of us. Add these social handouts to the cap-trade policies and windfall taxes, the next thing energy output will be about 40% of the current output with rationing in place (for the paroles, of course). Of course, you know that will do wonders for the employment statistics. I fear the coming of an era where the only way to survive is to rely/depend/hope-for government intervention.

  18. veerite

    Don’t they know they are driving the oil and gas companies out of the US. They will move their headquarters to Dubai just like happened with Halliburton the day after Congress voted against the oil companies 2 years ago.

    http://veerright.wordpress.com.....ies-drill/

    Hold on to your wallets because oil and gas prices will skyrocket. Its all part of Obama’s Eco-Marxist plan to force us to decrease our use of oil and gas so we can save the planet.

  19. Goldwater

    Wonderful.

    I guess we can all look forward to the MSM handing down the scripture, according to the profit hussein, of his new commandment regarding the definition of the words “Windfall profits.”

    Hey, lord O, how about a cut in “Windfall taxation?”

  20. texaspsue

    Looks as though this is all going to get done “at one fell swoop”. Amazing!

    “All my pretty ones?
    Did you say all? O hell-kite! All?
    What, all my pretty chickens and their dam
    At one fell swoop?”

    SHAKESPEARE

  21. curvyred

    Oh uh looks like someone is changing his mind again, linkies now read

    The page you requested is not available right now

  22. sheehanjihad

    it is back up. or at least available from here.

  23. Steve

    “Oh uh looks like someone is changing his mind again, linkies now read”

    I’m getting that too, and on all of the links we had to Change.gov, excerpt for the “America Serves (Obama)” page, which they have already airbrushed.

  24. sheehanjihad

    yup….everything except the home page is now unavailable, except for the bleached version of the serves page. what did we say this time? Unless the Chinese hackers launched a denial of service attack just to flex their own muscles.

  25. loneconservative

    I just checked it and they took everything off except for a couple of general paragraphs. Someone must have woken up over there and realized they were giving away their game plan. As long as they keep the public in the dark, the sheep will follow the shepherd right into the lion’s den.

  26. amicsgirl

    Professor_Repulso: Your ode to the messiah has brought tears to my eyes. Yes I was laughing my a$$ off.
    Can anyone tell me how the hell they can compare the windfall profits tax to what Palin did in Alaska? I’m from AK and I’m having a hard time connecting the dots here. The money that the oil companies pay us to drill here are put into a fund and then we use the “interest” to fund things like our state budget or to get our yearly dividend checks. Since the price of oil skyrocketed we have a bigger return and a “surplus”. So with the high cost of fuel ( highest in the nation although we drill it and its refined 20miles from my house) the governer took “some” of the surplus and sent it back to the people. So lets see…..put a higher tax on the oil companies and pay it to people who dont work …..or take a budget surplus and give it back to the people who drill and refine the oil. Anyone please! I cant find the dots!

  27. Liberals Make Great Speedbumps

    amicsgirl,

    Your first mistake was not realizing that we’ve gone down the rabbit hole and logic no longer applies.

  28. amicsgirl

    Liberals Make Great Speedbumps: your right, but then again one look at your shows that your already very wise. I wish I was that creative, but alas I am not. Well…I guess I better check into property in Belize or something. I think I can blend in pretty well and then I can watch the demise of America by the “left wing nuts” from a distance and hopefully escape the fall out.


« Front Page | To Top
« | »