Obama's economic plan benefits middle class, small business
Barbara Tennent
Issue date: 10/31/08 Section: Ed-Op
In order to shift the benefit to the middle class, Obama's plan includes a $1,000 credit for middle-class families ($500 for individual filers) that will benefit 95 percent of American workers and their families to offset payroll taxes. McCain's accusations that Obama plans on raising taxes for most Americans and will "redistribute wealth" in the country are simply misleading. Obama's priorities also focus on the importance of making college more affordable with a refundable $4,000 tax credit for education - an initiative expanding the current tax credits available for families and students bearing the increasing costs of higher education. Tax relief under an Obama administration also comes in the form of tax credits for mortgage interest payments, credits for health care, incentives for retirement savings and extended credits for clean vehicles: all moves that will spur economic growth from the bottom-up.
Another imperative factor of economic growth is activity created by entrepreneurs and small businesses; this is why Obama plans on giving investors in small businesses and entrepreneurs tax cuts on capital gains and tax credits to help small businesses afford health care - contrary to McCain, whose tax policies give large oil companies and health insurance corporations billions of dollars in tax cuts. Instead of providing tax benefits to large corporations, Obama plans on closing corporate tax loopholes, domestically and internationally, that take away approximately $100 billion in government revenues a year.
McCain and Obama also differ on the point of regulation on Wall Street. Republicans, McCain included, tend to vote for deregulation and rely on the self-interest of lending institutions to protect their shareholders' equity to self-correct debacles on Wall Street. This voting record has clearly led to corporations losing billions in bad debt write offs and hurting investors through losses in pension and investment funds, all while CEO's are offered "golden parachute" packages that bail them out when their practices are the source of the problem in the first place.
Another imperative factor of economic growth is activity created by entrepreneurs and small businesses; this is why Obama plans on giving investors in small businesses and entrepreneurs tax cuts on capital gains and tax credits to help small businesses afford health care - contrary to McCain, whose tax policies give large oil companies and health insurance corporations billions of dollars in tax cuts. Instead of providing tax benefits to large corporations, Obama plans on closing corporate tax loopholes, domestically and internationally, that take away approximately $100 billion in government revenues a year.
McCain and Obama also differ on the point of regulation on Wall Street. Republicans, McCain included, tend to vote for deregulation and rely on the self-interest of lending institutions to protect their shareholders' equity to self-correct debacles on Wall Street. This voting record has clearly led to corporations losing billions in bad debt write offs and hurting investors through losses in pension and investment funds, all while CEO's are offered "golden parachute" packages that bail them out when their practices are the source of the problem in the first place.
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Payday Loans
posted 2/24/09 @ 3:48 AM EST
America's middle class families are caught in an unprecedented crunch. Despite a growing economy, their incomes have remained stagnant or flat. And because prices for big ticket items such as housing and health care have gone through the roof, families are not able to put away a rainy day fund. (Continued…)
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