Edwards Emphasizes Work over Wealth in Bold Economic Plan

Below are excerpts from the John Edwards plan to reform our tax code to reward work, not the privileges of the insiders, and help regular families get ahead.

* Creating a Get Ahead Credit, which will expand the Savers Credit to match savings up to $500 a year, providing as much as an additional dollar for every dollar of savings.
* Boosting low-income families' savings with work bonds, which will supplement the Earned Income Tax Credit to match the savings of low-income workers up to $500 per year.
* Exempting from taxes each family's first $250 in interest, capital gains, and dividends.
* Allowing families to deposit part or all of their child tax credit into a tax-free savings account.
* Expanding the Child and Dependent Care Tax Credit to pay up to 50 percent of child care expenses up to $5,000 and make it partially refundable to benefit low-income working families.
* Tripling the EITC for 4 million adults without children and cutting the marriage penalty for 3 million families.

In the past six years, President Bush has cut taxes on capital gains and dividends and started to eliminate taxes on inheritances completely. As a result of his regressive tax policies, the federal tax burden has been pushed onto the backs of working Americans. As president, John Edwards will reverse President Bush's "War on Work" by:

* Raising the top tax rate on long-term capital gains to 28 percent, the same rate signed into law by President Reagan. The 28 percent rate will ensure that high-income investors will pay taxes on their investment income at a similar rate to what regular families pay on their earned income.
* Repealing the Bush tax cuts for the most fortunate families, who make more than $200,000 a year.
* Ending the abuse of foreign tax havens.
* Closing the hedge fund and private equity loopholes.
* Capping executive pensions.

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- Team Edwards