CNN Money is presenting an in-depth feature explaining where President-elect Obama stands on a variety of economic issues. Here are some highlights:
- Temporarily eliminate taxes on unemployment benefits.
- Tax oil profits and use the money to help fund $1,000 rebate checks for consumers hit by high energy costs.
- Tax carried interest as ordinary income rather than as an investment gain, thereby subjecting it to much higher tax rates than 15%.
- Raise capital gains and dividend tax rates to 20% from 15% for couples making more than $250,000 and singles making more than $200,000.
- Require any financial institution participating in Treasury’s Troubled Asset Relief Program to put a 90-day moratorium on foreclosures for homeowners “acting in good faith.”
- Leave all tax cuts in place for everyone except couples making more than $250,000 and single filers making more than $200,000. Those high-income groups would see their top two income tax rates revert to 36% and 39.6% from 33% and 35% respectively.
- Provide a federally funded match on retirement savings for families earning below $75,000.
- Raise minimum wage to $9.50 an hour by 2011 and tie future rises to inflation.
Those are just a few of the changes Obama would like to bring to the economic system in the United States. There are many more points outlined by CNN Money. I encourage everyone to read through the list to understand what the new president’s economic goals will be.
Feel free to discuss in the comments of this post for economic thoughts or in the Consumerism Commentary Community (C3) for general thoughts about the election.
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Updated December 22, 2011 and originally published November 5, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.