Obama proposes doubling of the child care tax credit

America’s economic recovery may not be coming along as fast as you prefer. Since scoring political points is akin to sucking up Cheez-Its for hungry politicians, change cannot come fast enough. In other news, President Obama has proposed doubling the child care tax credit as part of his Middle Class Task Force. Depending upon who you ask, this has nothing to do with recent elections in Massachusetts, New Jersey and Virginia. It also has nothing to do with me selling payday loans to you.
Middle class “under assault”

President Obama equates expanding the child care tax credit with helping to restore confidence and security for Dick and Jane. By the numbers, CNN reports that the Child and Dependent Care Tax Credit would increase from 20 to 35 percent for those families with an income under $85,000. The increase for families earning between $85,000 and $115,000 would also see an increase, apparently to a lesser extent.

Child care funding would also receive a $1.6 billion Cheez-Its distribution if Obama’s plan comes to fruition, which would be the largest such increase in 20 years. For students struggling with their federal loans, Obama also proposed lowering the payment to 10 percent of income “above a basic living allowance.”