Monday, October 13, 2008

Obama's New Economic Proposals Condensed Version

— for the next two years, give businesses a $3,000 income-tax credit for each new full-time employee they hire above the number in their current workforce;

— allow savers with tax-favored Individual Retirement Accounts and 401(k)’s to withdraw 15 percent of those retirement savings, up to a maximum of $10,000, without paying a tax penalty as the law currently requires for withdrawals before age 59 and a half;

— bar financial institutions that take advantage of the Treasury’s rescue plan from foreclosing on the mortgages of any homeowners who are making “good-faith efforts” to make payments;

— direct the Treasury and the Federal Reserve to create a temporary facility for loans to state and local governments, similar to the Fed’s new arrangement to loan corporations money by buying their commercial paper, which are the I.O.U.s that help businesses with daily operating expenses like payrolls.

-- double by another $25 billion the government loan guarantees for automakers and to temporarily eliminate taxes on unemployment benefits.

-- proposed eliminating all capital gains taxes on investments in small businesses and start-up companies, proposed an additional tax incentive through next year to encourage new small business investment.

-- 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.

-- already proposed a middle-class tax cut for 95% of workers and their families, today called on Congress to pass a plan so that the IRS will mail out the first round of those tax cuts as soon as possible. We should also extend and expand unemployment benefits to those Americans who have lost their jobs and are having a harder time finding new ones in this weak economy.

-- a mortgage tax credit for struggling homeowners worth 10% of the interest you pay on your mortgage. Change the unfair bankruptcy laws that allow judges to write down your mortgage if you own six or seven homes, but not if you have only one. And for all those cities and small towns that are facing a choice between cutting services like health care and education or raising property taxes, provide the funding to prevent those tax hikes from happening.

-- Treasury should not limit itself to purchasing mortgage-backed securities – it should help unfreeze markets for individual mortgages, student loans, car loans, and credit card loans.. And I think we need to do even more to make loans available in two very important areas of our economy: small businesses and communities.

-- proposed Small Business Rescue Plan that would create an emergency lending fund to lend money directly to small businesses that need cash for their payroll or to buy inventory. As we did after 9/11, and it allowed us to get low-cost loans out to tens of thousands of small businesses. Make it easier for private lenders to make small business loans by expanding the Small Business Administration's loan guarantee program. By temporarily eliminating fees for borrowers and lenders, we can unlock the credit that small firms need to pay their workers and keep their doors open. proposed that we maintain the ability of states and local communities that are struggling to maintain basic services without raising taxes to continue to get the credit they need.

No comments:

Post a Comment