Stating that we must offer targeted tax relief to support average families and help businesses maintain and create jobs, today Martha Coakley announced additional proposals to relieve the tax burden on the middle class and small businesses and increase businesses' access to capital.
Coakley's tax relief plan was announced in addition to the extensive economic and job creation plans that she proposed during her primary campaign. The plans focus on providing the kinds of targeted tax relief that are necessary to support middle class families and businesses as our Commonwealth and our nation continue to work out of the worst economic crisis since the Great Depression.
"We are at a critical time in this economic crisis," Coakley said. "Middle class family budgets are continuing to be squeezed and entrepreneurs are struggling to access loans that will help them grow and create more jobs. We must provide a targeted infusion of tax relief to the middle class and to small businesses to support them and continue to move us out of this difficult economy."
As Attorney General, Coakley created a new Division of Business, Technology and Economic Development to improve communication and partnership with large and small Massachusetts employers. She has a record of taking on Wall Street firms that helped cause our economic crisis, recovering tens of millions dollars for taxpayers and victims of Goldman Sachs, Merrill Lynch and UBS for their deceptive activities. She also recovered millions of dollars from health insurance companies for their fraudulent practices and for denying care to patients.
Among Coakley's tax relief proposals to support the middle class include:
* Making the American Opportunity Tax Credit permanent which provides a $2,500 college tax credit to help low and middle class families send their children to college.
* Increasing the Child and Dependant Care Tax Credit to support families' ability to pay for child care.
Coakley also proposed additional incentives to get credit flowing to entrepreneurs, spur job creation efforts, and support additional workforce training for the jobs of tomorrow. Among the proposals she supports include:
* The Helping Invigorate and Revive Our Economy Act ("HIRE America Act") which will increase tax credits for hiring, extend the credit to all hires, and provide additional funds to businesses that hire veterans.
* Making the federal Research and Development Tax Credit permanent which will allow companies and research institutes to rely on these provisions when determining their budgets while seeking to create and improve their products.
* Provide small business the capital that they need to grow, compete and stay in business by increasing appropriations for the Small Business Administration Microloan Program and extending ARC Stabilization Loans.
* Further spurring job training by supporting a 3-year, $5,000 job training tax credit against the corporate income tax equal to 50% of eligible training expenditures for new or existing full-time employees.
While supporting an extension of the tax policies that benefit the middle class and low-income families, Coakley opposes the extension of the Bush-Cheney tax cuts for the top 2% of income earners (those making more than $250,000 per year).
"While Scott Brown supports the Bush-Cheney tax cuts for the wealthiest Americans that contributed to our growing national deficit, I believe we should be offering real tax relief to those middle class families and small businesses who need it most," Coakley said.
To access Coakley's complete Middle Class and Small Business Tax Relief Plan, please visit the Economy page of her website.
Coakley became Massachusetts' first female Attorney General in January 2007. Throughout her public career, she has a proven record of taking on big challenges and getting real results for the people of this Commonwealth. As Attorney General, took on Wall Street to protect consumers, recovering record settlements in enforcement actions from companies such as Goldman Sachs and Fremont Investment and Loan for violating consumer protection laws. As part of her Cyber Crime Initiative, Coakley revolutionized the tools available to prosecutors for fighting crime in the 21st century, ensuring that Massachusetts is on the cutting edge of public safety.
Coakley, 56, was raised in North Adams. She is a graduate of Williams College in Williamstown, MA, where she was a member of the first class admitted to the college that included female students. She received her law degree from Boston University School of Law in 1979. Coakley resides in Medford with her husband, Thomas F. O'Connor, a retired police Deputy Superintendent.