Vowing to fight for the middle class, President Barack Obama on Monday proposed nearly doubling the Child and Dependent Care Tax Credit for middle-class families making less than $85,000 per year.
Obama announced the proposal at a meeting of the White House Middle Class Task Force. The initiative is part of the White Houses increased emphasis on the economy and on assisting middle-class families in advance of Obamas State of the Union speech Wednesday.
Unfortunately, the middle class has been under assault for a long time, Obama said. Too many Americans have known their own painful recessions long before any economists declared that there was a recession. Weve just come through what was one of the most difficult decades the middle class has ever faced: a decade in which median income fell and our economy lost about as many jobs as it gained.
Obama also wants to provide a $1.6 billion increase in child care funding to help middle-class families, provide a system of automatic workplace individual retirement account enrollments and create limits on student federal loan payments.
Creating good, sustainable jobs is the single-most important thing we can do to rebuild the middle class, Obama said. And I wont rest until were doing just that.
Rep. Elijah Cummings, D-Md., right, hugs Harold Schaitberger, General President of the International Association of Fire Fighters, after the Congressman spoke at the IAFF's Legislative Conference General Session at the Hyatt Regency on Capitol Hill, March 9, 2015. The day featured addresses by members of Congress and Vice President Joe Biden.