The Democratic Party approved its platform at its national convention in Denver, including a number of planks related to taxes.
Among the proposals are reforming the Tax Code. "It's thousands of pages long, a monstrosity that high-priced lobbyists have rigged with page after page of special interest loopholes and tax shelters," says the platform committee's report. "We will shut down the corporate loopholes and tax havens, and use the money so that we can provide an immediate middle-class tax cut that will offer relief to workers and their families."
Health care insurance coverage would be partially subsidized through tax credits to make it more affordable. The platform also promises to eliminate all federal income taxes for senior citizens making less than $50,000 per year.
Other planks would raise the Earned Income Tax Credit and expand the childcare tax credit. Another plank would remove the capital gains tax on start-up small businesses, and provide them with a tax credit for health insurance.
A new American Opportunity Tax Credit would ensure that the first $4,000 of a college education is completely free. Families would be able to apply for financial aid simply by checking a box on their tax forms. The platform also promises not to increase taxes on any family earning under $250,000 and to offer additional tax cuts for middle-class families. But there will be tax hikes for those earning more. "For families making more than $250,000, we'll ask them to give back a portion of the Bush tax cuts to invest in health care and other key priorities."
The platform also pledges to eliminate tax breaks for companies that "ship jobs overseas, and provide incentives for companies that keep and maintain jobs here in the U.S." It also envisions making the Research and Development Tax Credit permanent.
