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Promises about Economy on Obameter
Increase capital gains and dividends taxes from 15 to 20 percent for those making more than $250,000 (couples) or $200,000 (single)
"The Manufacturing Extension Partnership (MEP) works with manufacturers across the country to improve efficiency, implement new technology and strengthen company growth. This highly-successful program has engaged in more than 350,000 projects across the country and in 2006 alone, helped create and protect over 50,000 jobs. But despite this success, funding for MEP has been slashed by the Bush administration. Barack Obama and Joe Biden will double funding for the MEP so its training centers can continue to bolster the competitiveness of U.S. manufacturers."
Create a $10 billion fund to help homeowners refinance or sell their homes. "The Fund will not help speculators, people who bought vacation homes or people who falsely represented their incomes."
"Strengthen Small Business Administration programs that provide capital to minority-owned businesses, support outreach programs that help minority business owners apply for loans, and work to encourage the growth and capacity of minority firms."
Adopt the economic substance doctrine, a policy that states that tax changes must have significant economic justification, as a federal law.
The Research & Development tax credit and the renewable energy production tax credit are intended to spur innovation in the private sector, but the tax credits have expiration dates under current law. Obama would make them permanent.
"Will support entrepreneurship and spur job growth by establishing a small business and micro-enterprise initiative for rural America. The program will provide training and technical assistance for rural small business, and provide a 20 percent tax credit on up to $50,000 of investment in small owner-operated businesses. This initiative will put the full support of the nation's economic policies behind rural entrepreneurship."
"Will address the infrastructure challenge by creating a National Infrastructure Reinvestment Bank to expand and enhance, not supplant, existing federal transportation investments. This independent entity will be directed to invest in our nation's most challenging transportation infrastructure needs. The Bank will receive an infusion of federal money, $60 billion over 10 years, to provide financing to transportation infrastructure projects across the nation. These projects will create up to two million new direct and indirect jobs and stimulate approximately $35 billion per year in new economic activity."
"Obama and Biden will invest $250 million per year to increase the number and size of incubators in disadvantaged communities throughout the country."
Expand "the Small Business Administration's loan and micro-loan programs which provide start-up and long-term financing that small firms cannot receive through normal channels."
"Barack Obama and Joe Biden will use all diplomatic means at his disposal to achieve change in China's manipulation of the value of its currency, a practice that contributes to massive global imbalances and provides Chinese companies with an unfair competitive advantage."
"Will reinvigorate antitrust enforcement, which is how we ensure that capitalism works for consumers."
"I'll put in place the common-sense regulations and rules of the road I've been calling for since March -- rules that will keep our market free, fair, and honest; rules that will restore accountability and responsibility in our corporate boardrooms."
"I will invest $150 billion over the next 10 years - $15 billion a year - to put America on the path of true energy security. This fund will fast-track investments in a new green energy business sector that will end our addiction to oil and create up to 5 million jobs over the next two decades."
"During 2009 and 2010, existing businesses will receive a $3,000 refundable tax credit for each additional full-time employee hired."
Will provide "temporary business tax incentives through 2009. The February 2008 stimulus bill increased maximum Section 179 expenses to $250,000 but this expires in December 2008. This provision will encourage all firms to pursue investment in the coming months, but will particularly benefit small firms which generally have smaller amounts of annual property purchases and so choose to expense the cost of their acquired property."
"Obama and Biden believe Congress should immediately extend unemployment insurance for an additional 13 weeks to help families that are being hit hardest by this downturn. In addition, they believe we should temporarily suspend taxes on unemployment insurance benefits as a way of giving more relief to families."
"Obama and Biden are calling for legislation that would allow withdrawals of 15% up to $10,000 from retirement accounts without penalty (although subject to the normal taxes). This would apply to withdrawals in 2008 (including retroactively) and 2009."