Wednesday, January 14, 2009

Cantor's stimulus group includes middle-class relief

David Freddoso dishes on the RSC's alternative stimulus proposal, to be presented at Virginia Congressman Eric Cantor's stimulus working group tomorrow*.

Among the usual tax cut suspects, the group sweetens it up for Obama with a coterie of middle-class tweets treats.

a) Child tax credit increases from 1k to 5k.

b) An end to mandatory IRA withdrawal @ age 70.5 years old

c) Increase in deduction for college expenses from 4k to 6k.

d) Letting everyone, regardless of age, draw down their IRA money without a tax or penalty for 2009.

Read Freddoso's handy guide to get ready for tomorrow.

*Cantor established the group; Reps Garrett and Jordan authored the plan