1. Provide a tax cut for working families.
“The last thing we should do in this economy is raise taxes on the middle class,” Obama said. “It will not happen under my administration.”
President Obama and Vice-President Biden plan to proved 95 percent of working Americans with tax relief. They plan on creating a new “Making Work Pay” tax credit that grants up to $500 person or $1,000 per working family. This proposal will eliminate income taxes for 10 million Americans. The president also wants to enact a Windfall Profits Tax to provide a $1,000 emergency energy rebate to American families to help them pay rising bills. Provide $50 billion to jumpstart the economy. This proposal includes a $25 billion State Growth Fund to prevent state and local cuts in health, education, housing and heating assistance. Another $25 billion is included in a Jobs and Growth Fund to prevent cutbacks in road and bridge maintenance and fund school repair.
2. Provide tax relief for small businesses and startups.
“We need a small business rescue plan — so that we’re extending our hand to the shops and restaurants; the start-ups, the small firms that create jobs and make our economy grow. Main Street needs relief and you need it now,”
President Obama will eliminate all capital gains taxes on startup and small businesses to encourage new jobs and innovation. Eliminate taxes for seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide them with an average of $1,400 in savings per year. This plan will save 27 million seniors from filing an income tax return. Simplify tax filings. Ensure the IRS uses the information it already has from banks and employers to give taxpayers the option of a pre-filled tax form. This could save Americans up to 200 million hours of work and up to $2 billion in tax preparer fees.
3. Fair trade.
He “would put a cap-and-trade system in place that is as aggressive if not more aggressive than anybody’s out there.”
A trade policy that opens up to foreign markets to support American jobs. Trade agreements will be used to spread good labor and better environmental standards around the world. Amend the North American Free Trade Agreement. The president and vice president plan to work with Canada and Mexico to rework the NAFTA so that it works for American Workers. Improve transition assistance. Updates to the existing system of Trade Adjustment Assistance by extending it to service industries, creating flexible education accounts and providing retraining assistance. End tax breaks for companies that send jobs overseas. The new president plans to ensure that public contracts are awarded to those that are committed to American workers rather than giving tax deductions to companies moving their operations overseas. Reward Companies that support American workers. President Obama introduced the Patriot Employer Act of 2007 to reward companies that create good jobs and good benefits for American workers. The legislation would provide a tax credit to companies that maintained or increased the number of full-time workers in American, keep their corporate headquarters in America, pay decent wages, prepare for retirement, provide health insurance and support military employees.
