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Special Report
Barack Obama's Plan
Senator Barack Obama
Jumpstart the Economy
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Enact a Windfall Profits Tax to Provide a $1,000
Emergency Energy Rebate to American Families: Barack
Obama and Joe Biden will enact a windfall profits tax on
excessive oil company profits to give American families an
immediate $1,000 emergency energy rebate to help families pay
rising bills. This relief would be a down payment on the
Obama-Biden long-term plan to provide middle-class families with
at least $1,000 per year in permanent tax relief.
-
Provide $50 billion to Jumpstart the Economy and
Prevent 1 Million Americans from Losing Their Jobs:
This relief would include a $25 billion State Growth Fund to
prevent state and local cuts in health, education, housing, and
heating assistance or counterproductive increases in property
taxes, tolls or fees. The Obama-Biden relief plan will also
include $25 billion in a Jobs and Growth Fund to prevent
cutbacks in road and bridge maintenance and fund school repair
- all to save more than 1 million jobs in danger of being cut.
Provide Middle Class Americans Tax Relief
Obama and Biden will cut income taxes by $1,000 for working
families to offset the payroll tax they pay.
-
Provide a Tax Cut for Working Families:
Obama and Biden will restore fairness to the tax code and
provide 150 million workers the tax relief they need. Obama and
Biden will create a new "Making Work Pay" tax credit of up to
$500 per person, or $1,000 per working family. The "Making Work
Pay" tax credit will completely eliminate income taxes for 10
million Americans.
-
Eliminate Income Taxes for Seniors Making Less than
$50,000: Barack Obama will eliminate all income
taxation of seniors making less than $50,000 per year. This
proposal will eliminate income taxes for 7 million seniors and
provide these seniors with an average savings of $1,400 each
year. Under the Obama-Biden plan, 27 million American seniors
will also not need to file an income tax return.
-
Simplify Tax Filings for Middle Class Americans:
Obama and Biden will dramatically simplify tax filings so that
millions of Americans will be able to do their taxes in less
than five minutes. Obama and Biden will ensure that the IRS uses
the information it already gets from banks and employers to give
taxpayers the option of pre-filled tax forms to verify, sign and
return. Experts estimate that the Obama-Biden proposal will save
Americans up to 200 million total hours of work and aggravation
and up to $2 billion in tax preparer fees.
Trade
Obama and Biden believe that trade with foreign nations should
strengthen the American economy and create more American jobs. He
will stand firm against agreements that undermine our economic
security.
-
Fight for Fair Trade: Obama and Biden will
fight for a trade policy that opens up foreign markets to
support good American jobs. They will use trade agreements to
spread good labor and environmental standards around the world
and stand firm against agreements like the Central American Free
Trade Agreement that fail to live up to those important
benchmarks. Obama and Biden will also pressure the World Trade
Organization to enforce trade agreements and stop countries from
continuing unfair government subsidies to foreign exporters and
nontariff barriers on U.S. exports.
-
Amend the North American Free Trade Agreement:
Obama and Biden believe that NAFTA and its potential were
oversold to the American people. They will work with the leaders
of Canada and Mexico to fix NAFTA so that it works for American
workers.
-
Improve Transition Assistance: To help all
workers adapt to a rapidly changing economy, Obama and Biden
will update the existing system of Trade Adjustment Assistance
by extending it to service industries, creating flexible
education accounts to help workers retrain, and providing
retraining assistance for workers in sectors of the economy
vulnerable to dislocation before they lose their jobs.
-
End Tax Breaks for Companies that Send Jobs
Overseas: Barack Obama and Joe Biden believe that
companies should not get billions of dollars in tax deductions
for moving their operations overseas. Obama and Biden will also
fight to ensure that public contracts are awarded to companies
that are committed to American workers.
-
Reward Companies that Support American Workers:
Barack Obama introduced the Patriot Employer Act of 2007 with
Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to
reward companies that create good jobs with good benefits for
American workers. The legislation would provide a tax credit to
companies that maintain or increase the number of full-time
workers in America relative to those outside the US; maintain
their corporate headquarters in America if it has ever been in
America; pay decent wages; prepare workers for retirement;
provide health insurance; and support employees who serve in the
military.
Invest in the Manufacturing Sector and Create 5 Million New
Green Jobs
-
Invest in our Next Generation Innovators and Job
Creators: Obama and Biden will create an Advanced
Manufacturing Fund to identify and invest in the most compelling
advanced manufacturing strategies. The Fund will have a
peer-review selection and award process based on the Michigan
21st Century Jobs Fund, a state-level initiative that has
awarded over $125 million to Michigan businesses with the most
innovative proposals to create new products and new jobs in the
state.
-
Double Funding for the Manufacturing Extension
Partnership: 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.
-
Invest In A Clean Energy Economy And Create 5
Million New Green Jobs: Obama and Biden will invest
$150 billion over 10 years to advance the next generation of
biofuels and fuel infrastructure, accelerate the
commercialization of plug-in hybrids, promote development of
commercial scale renewable energy, invest in low emissions coal
plants, and begin transition to a new digital electricity grid.
The plan will also invest in America's highly-skilled
manufacturing workforce and manufacturing centers to ensure that
American workers have the skills and tools they need to pioneer
the first wave of green technologies that will be in high demand
throughout the world.
-
Create New Job Training Programs for Clean
Technologies: The Obama-Biden plan will increase
funding for federal workforce training programs and direct these
programs to incorporate green technologies training, such as
advanced manufacturing and weatherization training, into their
efforts to help Americans find and retain stable, high-paying
jobs. Obama and Biden will also create an energy-focused youth
jobs program to invest in disconnected and disadvantaged youth.
-
Boost the Renewable Energy Sector and Create New
Jobs: The Obama-Biden plan will create new federal
policies, and expand existing ones, that have been proven to
create new American jobs. Obama and Biden will create a federal
Renewable Portfolio Standard (RPS) that will require 25 percent
of American electricity be derived from renewable sources by
2025, which has the potential to create hundreds of thousands of
new jobs on its own. Obama and Biden will also extend the
Production Tax Credit, a credit used successfully by American
farmers and investors to increase renewable energy production
and create new local jobs.
New Jobs Through National Infrastructure Investment
Barack Obama and Joe Biden believe that it is critically
important for the United States to rebuild its national
transportation infrastructure – its highways, bridges, roads, ports,
air, and train systems – to strengthen user safety, bolster our
long-term competitiveness and ensure our economy continues to grow.
-
Create a National Infrastructure Reinvestment Bank:
Barack Obama and Joe Biden 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.
Technology, Innovation and Creating Jobs
Barack Obama and Joe Biden will increase federal support for
research, technology and innovation for companies and universities
so that American families can lead the world in creating new
advanced jobs and products.
-
Invest in the Sciences: Barack Obama and
Joe Biden support doubling federal funding for basic research
and changing the posture of our federal government from being
one of the most anti-science administrations in American history
to one that embraces science and technology. This will foster
home-grown innovation, help ensure the competitiveness of US
technology-based businesses, and ensure that 21st century jobs
can and will grow in America.
-
Make the Research and Development Tax Credit
Permanent: Barack Obama and Joe Biden want investments
in a skilled research and development workforce and technology
infrastructure to be supported here in America so that American
workers and communities will benefit. Obama and Biden want to
make the Research and Development tax credit permanent so that
firms can rely on it when making decisions to invest in domestic
R&D over multi-year timeframes.
-
Deploy Next-Generation Broadband: Barack
Obama and Joe Biden believe we can get broadband to every
community in America through a combination of reform of the
Universal Service Fund, better use of the nation's wireless
spectrum, promotion of next-generation facilities, technologies
and applications, and new tax and loan incentives.
<Paid for by Obama for America >
Barack Obama's Economic
Plan - Part 2
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