Massive bailouts, foreclosed homes, jaw-dropping gas prices, chaos on Wall Street. These are just a few signs of the U.S.'s struggling economy. As America enters the next chapter of its history, what impact will an Obama administration have on our economic future?
Jason Furman, Economic Advisor
Senator Obama has proposed substantial tax cuts for middle-class families paid for by restoring tax fairness by repealing some of the Bush tax cuts for families over $250,000 and reforming corporate taxes. In sum, 95 percent of workers and their families would get a tax cut. A married couple would get $1,000 -- plus potentially more from other tax cuts.
All of this stands unchallenged by the McCain campaign.
As for their challenges, in brief, (1) a gas tax holiday basically gives a tax cut to oil companies and hopes they will pass it on to consumers -- which they probably will not; (2) Obama's health plan does not have mandates for small businesses, instead it has tax cuts to help them afford coverage and (3) Obama proposes making it easier to save and increasing the tax incentives for saving by low- and moderate-income families.
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