Amy Klobuchar's Plan for Middle Class Tax Relief
Amy Klobuchar's Plan for Middle Class Tax Relief
Monday, 16 October 2006
Minnesota has always stood for opportunity through hard work. We believe that no matter where you come from, if you work hard, you can give the uplifting gift of education to your children, you can take care of your parents and have security in your later years. We must have an economy that produces good-paying jobs and delivers prosperity for all. Too many hard-working Minnesotans and Americans now struggle to make ends meet -- squeezed by rising health care costs, soaring home mortgages, skyrocketing gas prices and mounting bills for child care and college. Families confront these rising expenses even as jobs pay less, provide fewer benefits and offer less security. The current administration just doesn't seem to get it. We need leaders in Washington who will fight to protect the middle class and preserve the opportunity for everyone to share in the American Dream.
As Senator, I will fight for real middle class tax relief. My plan includes:
Making the Tax Cuts Permanent for 99 Percent of Americans. Every day in Minnesota, middle class families are working hard to make ends meet. As Senator, I will work to make permanent the tax relief families receive right now. My plan will keep the tax cuts for families making under $336,000 a year.
Creating a New $3,000 First-Time Home Buyer Tax Credit. Buying a home isn't just a symbol of the American Dream, it's one of the most important investments any Minnesota family can make. But housing costs in Minnesota are up 85 percent since 1998 and closing costs, which can be one of the biggest barriers to owning a home, can run in the thousands of dollars. I will fight for a $3,000 tax credit, $6,000 for married couples, to help families invest in their future.
Establishing a $1,200 Elder Care Tax Credit. Amazing advances in modern medicine are allowing people in Minnesota and across our nation to live longer and fuller lives. As a result, more families are caring for elderly relatives in their later years and need help with the costs of that care. That's why I have a plan to create a $1,200 tax credit for expenses related to caring for an elderly family member.
Making Higher Education More Affordable Through Tax Relief. Every day, a college degree becomes more and more important to unlocking the American Dream and allowing America to compete in the world economy. But college costs have skyrocketed, making it harder, not easier, for kids to go to college. To help more families afford college, I will push for a $10,000 annual tax deduction for tuition or books and a tax credit of $3,000. Families can choose whichever helps more.
Providing Tax Relief for Small Businesses and Family Farms. Minnesota has a strong tradition of successful family farms and small businesses. Providing tax relief so that families can pass on their small businesses and family farmers to their children is not just important fiscal policy, it is simply the right thing to do. I support eliminating the estate tax for all estates valued at less than $5 million dollars.
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