Edwards' plan would raise taxes on wealthy, aid middle class ('We have crony capitalism')

[JohnLocke]

Edwards' plan would raise taxes on wealthy and aid middle class
Friday, July 27, 2007
Associated Press
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DES MOINES — Democratic presidential hopeful John Edwards on Thursday unveiled a plan that would increase taxes for the wealthy and create tax breaks for the middle class.

"It's time for us to put America’s economy back in line with our values. It's time for us to put an end to George Bush’s war on work," he told a packed theater at Grand View College in Des Moines, Iowa. "It's time to restore fairness to a tax code that has been driven completely out of whack by the lobbyists in Washington, by the powerful interests in Washington and by those who value the few above the interests of many."

He added that, "It should not be in America that the middle class carries the tax burden, and that’s exactly what’s happening."

Edwards’ plan would fix what he called a "rigged" system by ending tax breaks to Washington insiders with wealth and corporate power. Those are the same people, he said, who keep politicians in power.

"We have crony capitalism. We have lobbyists who are there every single day working to rig the system, and it is rigged," he said, referring to insurance, oil and drug companies.

Among the proposals, Edwards would make long-term savings easier for low-income families with "Get Ahead Accounts" that would match savings up to $500 per year. He also would provide a tax credit he calls work bonds, which would also be matched and would go directly into savings accounts. He proposes exempting the first $250 in interest, capital gains and dividends to allow low-income families to get a start on savings tax-free.

In addition, Edwards proposed reforming the earned income tax credit for low-wage workers. He called for changing tax laws to cut the marriage penalty for up to three million families. He also wants to expand the child care credit, and allow families to use those credits to save for their future.

http://www.timesrepublican.com/News/articles.asp?articleID=11680

[Gloria]

1. Crony, ...rigged.....POETRY to my ears....

[JDPriestly]

2. Crony = aristocracy = corruption, unending corruption

for many years to come. The trust fund kids have no debt when they graduate from college. The middle and working class kids have nothing but debt from the day they start college. The debt that our kids have when they start their lives chains them to a life serving the corrupt crony elite aristocracy. That's not freedom in my book.

[jsamuel]

3. crapy crony capitalism

[draft_mario_cuomo]

4. Edwards is right once again nt