David Kirkpatrick

August 5, 2010

House may still vote on middle class tax cut extension …

… before the election adjournment in October.

From the link:

The House could consider an extension of the 2001 and 2003 tax cuts for middle-income households prior to the chamber’s Oct. 8 target adjournment, House Majority Leader Steny Hoyer (D-Md.) said Aug. 3.

Hoyer said he would like the legislation to move before lawmakers adjourn to campaign for the midterm elections. But it is possible that the House will not reach an agreement on how to proceed, he told reporters during a conference call hosted by the Center for American Progress.

“I think many in our caucus and many on the Senate side would like to see us address it and to give confidence to working Americans that their taxes are not going to be increased, and I fall under that category,” Hoyer said.

Additionally, “we have to deal with the Senate,” he said, adding that it is not a requirement that the Senate move the extension first. Some House leaders have previously said that they would wait until the Senate acts.

January 25, 2010

White House throwing the middle class a lifeline

Here’s some of the options on the table:

The initiatives were developed by the White House Task Force on Middle Class Families, led by Vice President Joe Biden. The proposals would:

* Require companies that do not offer retirement plans to enroll their employees in direct-deposit retirement accounts unless the workers opt out.

* Increase the “Savers Credit,” a tax credit for retirement savings, for families making up to $85,000.

* Change some of the rules for 401(k) employer-sponsored retirement savings accounts to make them more transparent.

* Increase the child tax credit rate to 35 percent of qualifying expenses from the current 20 percent for families making under $85,000 a year. Families making up to $115,000 would be eligible for some increase in the tax credit.

* Increase child care funding by $1.6 billion in 2011 to serve an additional 235,000 children.

* Boost government spending by $102.5 million for programs aimed at helping families who provide home care for an aging relative.

* Ease the burden for student loans by limiting a borrower’s payments to 10 percent of his or her income above a basic living allowance.