Obama+Economy+and+Taxes+AMS08

The Problem:

 * Wages are immobile** **as Prices Rise**: While wages remain flat, the costs of basic necessities are increasing. The cost of in-state college tuition has grown 35 percent over the past five years. Health care costs have risen four times faster than wages over the past six years. And the personal savings rate is now the lowest it's been since the Great Depression.
 * Tax Cuts for Wealthy Instead of Middle Class:** The Bush tax cuts give those who earn over $1 million dollars a tax cut nearly 160 times greater than that received by middle-income Americans. At the same time, this administration has refused to tackle health care, education and housing in a manner that benefits the middle class.

__OLIVIA__


 * The Plan:**

-Barack Obama and Joe Biden will enact a windfall profits tax 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. __JULYA__
 * Enact a Windfalls profits tax to provide a $1,000 Emerency energy rebate to American families.-**

This relief would include a $25 billion growth fund to prevent state and local cuts in health, education, housing, and heating assistance or 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 roads and bridges maintenance and fund school re­pairs, all to save more than 1 million jobs in danger of being cut. __JULYA__
 * Provide $50 billion to jumpstart the economy and prevent 1 million Americans from losing their jobs.-**

Obama and Biden will restore the tax code and provide 150 million workers the tax relief that they need. Obama and Biden will create a new tax credit of up to $500 per person, or $1,000 per working family. The tax credit will completely eliminate income taxes for 10 million Americans. __ALI__
 * Provide a Tax cut for working families.-**

Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama-Biden plan, 27 million American seniors will also not need to file an income tax return. __ALI__
 * Eliminate income taxes for seniors making less than $50,000 -**

Obama and Biden will simplify tax so that millions of Americans will be able to do their taxes in less than five minutes. Obama and Biden will ensure that the IRS uses the information it already gets from banks and employers to give tax payers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama-Biden proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees. :) __OLIVIA__
 * How to solve it-Simplify Middle Class Taxes-**

Olivia Ney and Ali Sperrazza and Julya Colle (: (: (: OH YEAHH Narrr :{D http://www.barackobama.com/issues/economy/#jumpstart