Obama Proposes Tax Credits, IRA Reforms to Help Middle Class

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President Obama previews a series of legislative proposals that he intends to include in tomorrow's State of the Union address and his upcoming fiscal year 2011 budget, including a significant expansion of the child tax credit, support for elder caregivers, and easing of student loans. In addition, the president will propose giving more workers better access to retirement plans at work, matching retirement savings, and strengthening and updating 401(k) regulations so workers can save with greater confidence. Obama makes his remarks at a meeting of the middle-class task force, headed by Vice President Biden. The task force, which was created by Obama shortly after his inauguration, is scheduled to release its final report in February.