Do you know that the overwhelming majority of these people avoid income taxes due to a policy fiercely supported by none other than President Ronald Wilson Reagan who deemed the policy to be "the best antipoverty, the best pro- family, the best job creation measure to come out of Congress".?
This math is why Gerald Ford enacted the EITC in the first place and why Ronald Reagan said this credit as part of a tax overhaul was "the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress".
On Monday, for a third year he celebrated the holiday that honors workers with union members and their families in a political swing state, promising job-creation measures to reduce a 9 percent unemployment rate and calling on the Republican opposition to "put country before party".
President Obama said Saturday that the Democratic Party should not simply "regroup, lick our wounds and try to hang on" during a challenging political season, pledging to find a way for health care and job-creation measures to be passed this year.
He will call for short-term job creation measures now — to prevent a recession that would widen annual deficits through lost revenue and safety-net spending — and for deficit reduction proposals, including spending cuts and tax increases for people with higher incomes, that would take effect after the economy regained full health.
And he closes many corporate tax loopholes, using short-term revenue increases to fund job creation measures over the next two years, but holding nearly $250 billion in reserve over the next decade for "revenue-neutral business tax reform," which means plowing those billions into lowered corporate tax rates.
President Ronald Reagan, who substantially expanded the credit during his administration, called it "the best antipoverty, the best pro-family, the best job creation measure ever to come out of Congress".
The president also plans to urge the special debt committee to devise job-creation measures and to pursue larger deficit cuts than mandated by the recently passed Budget Control Act.
But the passage of the bill stood in stark contrast to the partisan gridlock that has stymied much bigger job creation measures in recent months.
Treasury sources said the theme of the budget would be the need for fiscal rectitude to underpin recovery, but there are also likely to be job creation measures, help for small businesses and money for pensioners.
Republicans said they wanted to include "job creation" measures, including one blocking environmental regulations for commercial boilers and another forcing the construction of an oil pipeline from Canada to the Gulf of Mexico, which the Obama administration has blocked.
