Memo to Ohio - Hillary's tax credits are for the rich

[hfojvt]

Hillary's press release:

http://www.hillaryclinton.com/news/release/view/?id=6152

tax credit city

"providing a $3,500 tax credit for college

A New $3,000 Caregiving Tax Credit

A New Long-Term Care Insurance Tax Credit:

American Retirement Accounts - Hillary will ensure all middle class Americans can open a new American Retirement Account. These accounts will allow individuals to contribute up to $5,000 per year on a tax-deferred basis. She will also provide a 50% match on the first $1000 of savings for every couple making between $60,000 and $100,000, which will be phased out after that."

It is typical for politicians to promise programs which will benefit the voters, but it is not typical in my memory, for a Democrat to be so Reaganesque about it. Bill Scher, of Liberal Oasis, writes in "Wait, Don't move to Canada"

"Nevertheless, Republicans have been quite successful at promoting their anti-government stance by denigrating taxes as inherently bad." His advice is to: "Reject the Republican Frame"

"How do Republicans dictate the terms of the tax debate? They frame it as a simple choice between cutting taxes and raising taxes. That puts Democrats in a seemingly lose-lose position. Either they take the raising taxes position, which gives Republicans the easier target, or they can embrace tax cuts AND COMPROMISE THE PARTY'S LONG-TERM GOALS for the hope of a short term gain." emphasis mine

Another problem I have with the tax credit Republican frame is that it is Republican, even when Democrats do it. Hillary admits as much when she says her "America Retirement Accounts" are for couples making "between $60,000 and $100,000". If your household makes $55,000, most of these credits do nothing for you.

TWO FACTS:

1. median household income in Ohio - $45,776 (half of Ohio households make less than that)
2. under current tax law a family of four making less than $42,850 pays zero income taxes.

Hillary's proposals here do not benefit the bottom 50%. The people who perhaps struggle more than the top 50%. Her "heartfelt" closing statement claimed her campaign was all about helping ordinary Americans who are struggling, but her proposals are about helping ordinary Americans who are prospering.

Finally, with her supposed commitment to fiscal responsibility, these seem to be promises that she can't keep.

edit: I guess the title was interfering with the message

[MethuenProgressive]

1. 1. median household income in Ohio - $45,776 (half of Ohio households make less than that)

WOW!
Half are BELOW the MEDIAN?????
:rofl:
I hate what DUbamas have done to DU...

[Baconfoot]

14. That's what median means,as opposed to "mean" (average) or "mode"(most common number in a sequence)

The mean is the middle number in a sequence. In a large group of numbers, it's quite acceptable shorthand to say that half are above it and half are below it. If you're only dealing with e.g. 3-5 numbers, you might not want to put it that way but here we are dealing with all the households in Ohio.

[hfojvt]

16. methuen knows that

and thinks it's ridiculous that I included that factoid, just in case everybody on DU does not know that.

[saracat]

2. Shame on you for an incredibly misleading title.

And Obama has made similar promises in his 12 point plan but you aren't calling him out for it and accusing him of buying votes! Yet,Obama actually "Did" "pay" college students $250 to vote for him in Iowa and the Edwards campaign is very aware of that fact.Shame on you.

[enid602]

4. $250?

Do you have a link for that? It sounds very much like Chicago politics, but it's not appropriate in a national race.

[hfojvt]

8. show me the 12 point plan

Shame on me for not being aware of everything before I write anything.

I think the title is generally true, these proposals are basically if you vote for me you will get cash back at tax time. Similar to what Dole did in 1996 and how Jesse Ventura became governor of Minnesota. It's tacky and it undermines a liberal message.

And I hope people read past the headline. I said in my first line: "not an exact quote"

[enid602]

3. Go Hil

How dare she offer an incentive for people to save for their dotage? How double dare she give a credit to those who are caregivers? When you consider that 75% of the Fortune 50 paid NO federal income taxes last year, I'd say these proposals are not terribly frivolous. Good for you, HIl.

[hfojvt]

7. well it is an incentive for people above the median income

People who can already take a $10,000 deduction for contributions to their and their spouses IRA accounts. Not to mention they probably already have 401Ks or some other retirement with their $30,000+ jobs.

[enid602]

9. I see

I see; you're saying that because so many low and moderate income people have little or no disposable income for savings, they will not be able to take advantage of this credit. Unfortunately, everyone sees themselves in a position where they can't take advantage of available savings programs. I have always maintained 401K and IRA contributions throughout my adult life (even during the bad times), and can tell you it makes a huge difference @ 53 years old. Who was it that said the only thing worse than being old is being old and poor? There's some truth to that.

[hfojvt]

12. No, they cannot tax advantage because they already don't pay taxes

therefore a tax credit does nothing for them, since it is not refundable.

Plus, there already is such a credit on form 1040A and 1040 on form 8880. It is available to low income families. All Hillary does is extend the same benefit to wealthier families.

http://journals.democraticunderground.com/hfojvt/62

[enid602]

15. yes

Good observation. You must be a tax preparer, too. Perhaps we should make EIC dependent upon some sort of IRA savings.

[BlackVelvet04]

5. What a liar you are....

what about obama's college tax credit?

You need to change your thread title.

[hfojvt]

10. link? It may suck just as much as Hillary's credits

I wish all Democratic candidates would stop using Republican frames.

There are no quotes in my thread title and the first line of the thread says it is not a quote.

Plus, my title was heartfelt. Can you reconcile Hillary's claim to be in this for ordinary Americans while she offers tax breaks to people above the median income?

[BlackVelvet04]

17. Link my ass....

he talks about it in his speeches. you've heard it or you aren't paying attention.....look it up yourself.

[hfojvt]

18. are you not a very nice person

or do you just play one on the internets?

[billyoc]

6. Sorry, Senator, based on your past credit history, it'll have to be C.O.D. -- Ohio

:rofl:

[MethuenProgressive]

11. The Obama$ out$pent Clinton in Wi$con$in TV ad$ nearly 5-to-1 to buy Chee$ehead vote$.

Calling the OP headline Bullshit would be an insult to Bullshit.
It's so low it's snakeshit.

[hfojvt]

13. Ads don't buy votes - candidate's proposals do

Ads deliver a message. Just like headlines do.

Can you prove the thesis wrong? A laundry list of tax credits, along with numbers about how many Ohio families will benefit is not an attempt to bribe voters?