Thursday, November 6, 2008

2008 Politics

The election basically overshadows any other political activity. Everything up to the election was intense in 2008. While Bush's term in office will be ending this January, Barack Obama will step in. Below are the main points of Obama's economic plan:

  • Barack Obama will provide a tax cut for working families:
    Obama and Biden will restore fairness to the tax code and provide 95 percent of working Americans the tax relief they need. They will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family.

  • Provide tax relief for small businesses and startups:
    Obama and Biden will eliminate all capital gains taxes on startup and small businesses to encourage innovation and job creation.

  • 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.

The economy seems to be the big contributor to lack of consumer spending and confidence. The current economic plan is in a recession, therefore, many people see this new election as a sign of hope.

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