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Will Obama Tax Cuts Help the Sandwich Generation?
What is the Sandwich Generation? If you have not heard this term before, you can go right to the source and look at SandwichGeneration.com. It refers to late baby boomers (myself) and early Gen Xers. (Yeah, we know – sometimes that is called Generation Jones) who are caring for aging parents while still caring for kids at home. That includes many of us!
Anyway, let me get away from defining popular terms for different generations and back to the proposed tax changes. These proposals should be announced in President Obama’s State of the Union Address tomorrow (1/27/10).
According the New York Times, we may get help in a couple of areas.
Increased Child Care Tax Credit – The proposal may almost double this valuable credit for families that make less than $85,000. This is more incentive for both parents to go back to work, and it should help working families pay bills. This should be popular for families with younger kids. I know that when my own kids were young, before child care tax credits, about 1/3 of my net income went for child care.
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Cap on College Loan Payments – This would cap college loan paymets to no more than 10% of income, and that is above a basic living allowance. This can help those of us who help our kids pay back loans, and of course, put less strain on graduating seniors.
Elder Care – If you spend money on caring for an elderly family member, you may get some help too. President Obama wants to provide more funding for adult care services from the Department of Health and Human Services.
Retirement Savings – The proposal would make the credits open to more people. More savers would get a tax credit for contributing to an IRA or 401(K). This should encourage savings and reduce reliance on social security for many of us.
When is the State of The Union Address?
The State of the Union Address for 2010 is slated to start at 9 p.m. Eastern Time, 8 p.m. Central Time, and 6 p.m. Pacific Time on Wednesday, Jan. 27, 2010. You can watch on any major network. You can also watch online at: http://www.whitehouse.gov/live
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