Wesley Clark Issues - One-A-Day

In an effort to educate some people I'm gonna take it upon myself to post an issue a day from Wesley Clark's website on his issues. I'm not gonna participate in debate over whether you agree with them or not, this is strictly for educational purposes who may want to know more about WC.

Issue One
Families First Tax Reform.
Restoring Progressivity, Relieving the Working-Family Squeeze, and Reducing Poverty


Wes Clark's Families First Tax Reform is the most sweeping tax reform proposal in years. It will restore progressivity to the tax code, relieve the working-family squeeze, and reduce poverty. Unlike President Bush's policies, which have been highly regressive and have dramatically increased the deficit, Wes Clark's proposal is paid for without raising the deficit by a dime.


Under Wes Clark's Families First Tax Reform, a family of four making up to $50,000 will pay no federal income taxes and all taxpaying families with children making up to $100,000 will get a tax cut. The Families First Tax Reform will shift the tax burden from those who are struggling to get by to those with the most to spare. The entire proposal is offset by closing corporate loopholes and by a 5 percentage point rate increase on income over $1 million a year. The rate increase will only reach the income-over $1 million-of the top 0.1 percent of taxpayers.


The tax breaks in Wes Clark's Families First Tax Reform all come from consolidating the existing confusing and uneven set of tax benefits for children, including the Child Tax Credit, the Additional Child Tax Credit, the Earned Income Tax Credit (EITC), and the Dependent Exemption... and then expanding them to provide a $2,250 tax credit per child.


With Families First Tax Reform taxpayers will only need to fill out a simple, three-line form to find out if they need to pay federal income taxes, providing their income, number of children, and marital status. And the majority of families won't be forced to file any tax forms with the government

read more - http://clark04.com/issues/familiesfirst/

of the candidates, that I like.

Are we going to be paying more taxes, so that those who are making more, but have kids get a big tax cut?

Please look at my thread here: http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=82176

I also believe in helping children. Most of my adult life I have worked jobs that are all about helping children.
I just do not support bigger & bigger tax credits just because someone has a child or many children.
I have no problem paying taxes to support education, head start, hot lunch program, and any other programs that help kids in need.
What I do have a problem with is if you make more money than I do why should I pay for your children.

for not answering your question. It is my understanding that the only ones who will be paying MORE taxes are those who make more than $200,000 per year.

On edit, let me explain my difference with the person who noted the $1 million figure. My understanding is that Clark will repeal the Bush tax cuts for those making more than $200,000 per year. That will, in effect, raise their taxes over what they are paying now. In addition, he has proposed a tax increase for those making over $1 million per year.

Kucinich is still my first choice, but I do like most of what I know about Clark.

My wife and I have no kids, and I get real tired of hearing about more tax breaks for people with kids. Which means, in effect, their choice to raise kids is subsidized by my otherwise higher taxes.

children are expensive, etc, etc.
I strongly believe in a progress tax system that does not penalize or reward people for their family choices. One deduction for each person in the house hold and lower payroll taxes.

You will not be paying more taxes. Unless by "lower middle class", you mean you make over $1 million per year.

Dean has one a day retractions and corrections!

Wes Clark's Plan To Simplify The Tax System By Cracking Down On Corporate Loopholes And Tax Shelters
Wes Clark's Families First Tax Reform will crack down on corporate loopholes that benefit special interests, making the tax code simpler and fairer. Wes Clark's plan will save, conservatively, at least $10 billion annually. These saving will go towards paying for Families First Tax Reform, which eliminates taxes for a family of four making up to $50,000 and cuts taxes for all taxpaying families with children making up to $100,000. As President, Wes Clark will fight to simplify the tax system by cracking down on corporate loopholes and tax shelters. He will end corporate welfare as we know it.

Specifically Wes Clark will:


Outlaw tax shelters.
From 1996 to 2001 Enron paid only $63 million in taxes despite reporting billions of dollars in profits. As soon as one tax shelter is shut down, companies set up a new one to take its place. Wes Clark will end that practice by passing a law that will prevent companies from taking advantage of artificially generated losses in tax shelter transactions. The definition of a tax shelter-as an artificial transaction whose only purpose was to avoid paying taxes-will be codified in law. Outlawing tax shelters will not only make the tax code simpler and fairer, but will also promote economic growth by encouraging companies to pursue productive activities rather than tax avoidance.

Double fines for abusive transactions - and quadruple them for repeat offenders.
Wes Clark will double the fines and penalties on abusive tax shelters - and quadruple them for repeat offenders.

Close corporate loopholes, including the janitor's loophole.
Currently companies get tax deductions when they take out life insurance policies for their non-executive employees, like janitors. When the janitor dies, his or her family doesn't see a penny of the benefit - the company pockets all of it. Wes Clark will end the practice of companies deducting life insurance policies for non-executive employees. In addition, he supports closing loopholes along the lines of legislation championed by Senator Baucus.

Recapture taxes from individuals that renounce their U.S. citizenship to avoid taxes.
Ultra-wealthy individuals can renounce their U.S. citizenship, ship their assets overseas, and avoid taxation entirely. Wes Clark will apply capital gains taxation to individuals who renounced their citizenship.

* Tax breaks for 3.2 million poor childless workers, which can be used to defray payroll taxes and work-related expenses. Clark's tax reform builds on the existing EITC for childless adults, raising the maximum credit from $382 to $500.
* Raising the minimum wage to $7.
* Eliminating tax advantages for companies to relocate overseas will help keep jobs in this country.
* Better education, preventive health care and overall prosperity for poor families will, in the long run, help reduce our expenses for police, prisons, hospitals, housing and social services.

It makes perfect sense not to have to file a return if you're not
paying taxes.