Obama proposes "Middle Class Rescue Plan"
source http://firstread.msnbc.msn.com/archi...3/1540454.aspx
OBAMA'S MIDDLE CLASS RESCUE PLAN
JOBS.
(1) Tax breaks for companies that create jobs in U.S. (not new)
(2) Eliminate capital gains taxes for new small businesses and start ups. (new)
(3) Fast track loan guarantees for car makers (not new)
(4) Jobs/Growth fund -- aimed at local municipalities to keep jobs that might have otherwise been cut for budgetary purposes. (new)
FAMILIES.
(1) Middle class tax cut (not new)
(2) Calls on Congress to give rebates by Winter (new)
(3) Extend employment benefits for those who lost their jobs (new)
(4) No taxes on unemployment benefits (new)
(5) Retirement Savings: Welcomed McCain's proposal to let people withdraw from their 401Ks, but went further: proposing people could withdraw without penalty up to $10,000 from their 401Ks through 2009. (new)
HOMEOWNERS.
(1) Mortgage Tax Credit -- worth 10% of mortgages (not sure the specifics)
(2) Three-month moratorium on foreclosures (new) -- "give people breathing room to get back on their feet.
INCREASED $ FOR BANKS
MAKE LOANS AVAILABLE.
(1) Create a Small Business Lending Fund (already proposed)
JOBS.
(1) Tax breaks for companies that create jobs in U.S. (not new)
(2) Eliminate capital gains taxes for new small businesses and start ups. (new)
(3) Fast track loan guarantees for car makers (not new)
(4) Jobs/Growth fund -- aimed at local municipalities to keep jobs that might have otherwise been cut for budgetary purposes. (new)
FAMILIES.
(1) Middle class tax cut (not new)
(2) Calls on Congress to give rebates by Winter (new)
(3) Extend employment benefits for those who lost their jobs (new)
(4) No taxes on unemployment benefits (new)
(5) Retirement Savings: Welcomed McCain's proposal to let people withdraw from their 401Ks, but went further: proposing people could withdraw without penalty up to $10,000 from their 401Ks through 2009. (new)
HOMEOWNERS.
(1) Mortgage Tax Credit -- worth 10% of mortgages (not sure the specifics)
(2) Three-month moratorium on foreclosures (new) -- "give people breathing room to get back on their feet.
INCREASED $ FOR BANKS
MAKE LOANS AVAILABLE.
(1) Create a Small Business Lending Fund (already proposed)
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