Obama Economic Plan Targets the Middle Class and Jobs
Submitted by jmeasley on Mon, 10/13/2008 - 19:57.
Technorati Tags: 2008 Election Barack Obama Economy Jason Easley John McCain news politics 2008 election economy jobs foreclosures unemployment benefits toledo ohio John McCain Barack Obama
- ‹ previous
- 601 of 819
- next ›
Democratic presidential candidate Barack Obama unveiled his economic rescue plan for the middle class in Toledo, Ohio today, and as Obama himself put it, “It’s a plan that begins with one word that’s on everyone’s mind, and it’s spelled J-O-B-S.”
The Obama plan has three goals, stabilizing the financial system, helping homeowners, and to provide relief to families and communities, but centerpiece of his plan is job creation. Obama proposed offering businesses a tax credit for each new employee that they hire, “We’ve already lost three-quarters of a million jobs this year, and some experts say that unemployment may rise to 8% by the end of next year. We can’t wait until then to start creating new jobs. That’s why I’m proposing to give our businesses a new American jobs tax credit for each new employee they hire here in the United States over the next two years.”
He repeated his proposal to eliminate capital gains taxes on investments in all small businesses and startup companies, “To fuel the real engine of job creation in this country, I’ve also proposed eliminating all capital gains taxes on investments in small businesses and start-up companies, and I’ve proposed an additional tax incentive through next year to encourage new small business investment.”
The Democrat continued, “We will also save one million jobs by creating a Jobs and Growth Fund that will provide money to states and local communities so that they can move forward with projects to rebuild and repair our roads, our bridges, and our schools. A lot of these projects and these jobs are at risk right now because of budget shortfalls, but this fund will make sure they continue.”
He also proposed that the IRS mail out his tax cut for 95% of families immediately, expand unemployment benefits, and that the unemployed stop paying taxes on their unemployment benefits. Obama wants Americans to be able to withdraw 15% of their 401k or IRA up to a maximum of $10,000 penalty free, and a 3 moratorium on home foreclosures.
Obama expressed confidence in the American people, “We can do this. Americans have done this before. Some of us had grandparents or parents who said maybe I can’t go to college but my child can; maybe I can’t have my own business but my child can. I may have to rent, but maybe my children will have a home they can call their own. I may not have a lot of money but maybe my child will run for Senate. I might live in a small village but maybe someday my son can be president of the United States of America.“
He continued with his theme of doing this together, “Now it falls to us. Together, we cannot fail. Together, we can overcome the broken policies and divided politics of the last eight years. Together, we can renew an economy that rewards work and rebuilds the middle class. Together, we can create millions of new jobs, and deliver on the promise of health care you can afford and education that helps your kids compete. We can do this if we come together; if we have confidence in ourselves and each other; if we look beyond the darkness of the day to the bright light of hope that lies ahead. Together, we can change this country and change this world. Thank you, God bless you, and may God bless America.”
Here is the difference between Obama and McCain. McCain gave a speech today which was still focused on tax cuts. On the other hand, Obama is discussing the things that people care about, their homes, their jobs, their retirement. It is also difficult for McCain to claim that Obama will raise taxes, when he keeps putting out tax cut proposals. Barack Obama looks ready to handle this economy, while John McCain is unwilling to act. In a nutshell, this is why Obama is poised to win this election.
Technorati Tags: 2008 Election Barack Obama Economy Jason Easley John McCain news politics 2008 election economy jobs foreclosures unemployment benefits toledo ohio John McCain Barack ObamaTrackback URL for this post:
http://www.politicususa.com/en/trackback/6266
Obama
i really think that obama does have a point because he his actually worrying about our economy before thinking about dealing with other things as McCain is doing. McCain should start following Obama's lead because it seems like Obama is doing something right for us
jobs jobs jobs
I keep hearing about layoffs but I also see high paying jobs posted on employment sites -
www.linkedin.com (networking)
www.indeed.com (aggregated listings)
www.realmatch.com (matches you to jobs)
Good luck to those looking!
obama and jobs
As the days go buy I can honestly say I’m more confused by these people……
Obamas campaign is supported by every Muslim organization in the world!!!!
He wants to take away our weapons at a time that we need to defend ourselves……….that sounds kind of fishy to me…. Now we all know he’s a liar but I’d rather be lied to about something that matters and I know the truth of than something completely irrelevant which is what McCain and pallin are doing…….
My god I’m not even gona get started with them too especially not palin I mean you ask her a question and she will give u an answer that’s completely pointless…….. Let’s talk about something she uses a lot
“being un-American..” wow did u know that her husband wanted to take Alaska away from the united states so it could form into its own country wow….. Talk about being UN American…..
Obamas economy plan is a bunch of bull shit..
Mccain needs to nail Obama to the wall over Obama's plans to raise corporate taxes...
Business taxes affect business decisions, job creation and retention, plant location, competitiveness, the transparency of the tax system, and the long-term health of a countries economy. Most importantly, taxes diminish profits. If taxes take a larger portion of profits, that cost is passed along to either consumers (through higher prices), workers (through lower wages or fewer jobs), or shareholders (through lower dividends or share value). Thus a country with lower tax costs will be more attractive to business investment, and more likely to experience economic growth.
According to the KPMG report, 23 countries have lowered their corporate tax rates this year, and no nation has raised its rate since last year. Last week, for instance, Sweden announced a series of proposals to improve its business climate, including a plan to cut its corporate tax rate from 28 percent to 26.3 percent. A September 17, 2008 Industry Week article, "Sweden Announces Income Tax Cuts to Boost Jobs," explains, "Since coming to power in the autumn of 2006, the Swedish government has launched a series of measures aimed at inciting Swedes to return to the job market instead of living off of state subsidies."
"The U.S. rate was higher than all other global regions in 1999 and the difference is even more dramatic today," . "If the Swedes now recognize that taxes matter to a country's business climate and incentives to work, then when will America's political class?"
In Tax Foundation Fiscal Fact No. 145, "KPMG Study Finds U.S. Corporate Tax Rate Higher Than Every Global Region," Tax Foundation President Scott Hodge explains that America's stagnant business tax system is potentially harmful to America's economic competitiveness in the global marketplace.
This KPMG survey comes on the heels of the Tax Foundation's CompeteUSA project, a campaign to raise public awareness of America's high business taxes and how our business tax system might be affecting our competitiveness, wages and living standards.
Recent OECD studies show U.S. corporate income taxes are 50 percent higher than the average among our counterparts in the industrialized world, and that corporate taxes are the single most harmful tax to GDP growth, more so than personal income taxes or consumption taxes. Last month, the Tax Foundation released a revised summary showing that the U.S. federal corporate income tax quietly taps family pocketbooks for nearly $370 billion per year in the form of higher prices, lower wages and poorer return on investment.
To learn more about the CompeteUSA project, go to http://www.taxfoundation.org/competeusa.
The KPMG survey can be found at http://www.kpmg.com/SiteCollectionDocuments/Corporate-Tax-Rates-Survey-2....
Fiscal Fact No. 145 can be found at http://www.taxfoundation.org/publications/show/23621.html.
The Industry Week article can be found at http://www.industryweek.com/ReadArticle.aspx?ArticleID=17335.
One week left before election...
With one week left before a major American election takes place, I am not only excited but nervous as we approach. After all, whoever we elect will be the person in command for the next four years. These so-called “political polls,” which have manifested themselves all over the nightly news broadcasts and websites, is not something I would ever put any stock into. These official sounding polls are said to be conducted by reputable news sources such as the Associated Press, CBS, NBC, ABC, and Reuters. However, what they don’t tell you is that this poll, that represents two-thirds of Americans supporting Barack Obama, just might be the cause for concern. I am not saying this based on the fact that Obama wants to wipe out a legitimate financial option, cash advances, that many of us have come to appreciate. Instead, I say this because the two-thirds that the poll is talking about, represents two-thirds of their supporters, not the nation as a whole. So, don’t be fooled by the media and read all the information about all of the candidates before casting your vote.
Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/
Payday Loan Advocate
Two days before Election Day, November 2nd, Barack Obama’s grandmother Madelyn Dunham, died after a long battle with cancer. Luckily, he was able to see his grandmother a few weeks prior to his beloved grandmother – who he referred to as “Toot” – before she passed away. (“Toot” was short for “tutu,” a Hawaiian term for grandparent.) The death of a loved one is a bitter pill to swallow, on any day, and it is always at the most inconvenient time. It means expenses of travel and funeral costs, and no one wants to have to worry about anything else during those times. If you have a pressing priority that must be attended to, and the cost will stretch you too thin, installment loans can help when you need them.
Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/
Post new comment