Obama wins election
Barack Obama was elected as the 44th president of the United States in heavy voting yesterday. The latest electoral tally stood at 338 votes for Obama and 161 for his rival John McCain. Obama’s reported views on housing, taxation and small business were presented on the campaign trail, and represented here.
Troubled Asset Relief Plan (TARP)
Obama has called for greater oversight of Wall Street, and assurances that taxpayers will benefit from the $700 billion TARP. He also supported limiting the pay of executives from the companies being bailed out. He has expressed support for homeowners in danger of foreclosure and reiterated the need for a stimulus package of tax cuts.
Obama has proposed a 10 percent universal mortgage credit to provide tax relief for what his campaign estimates are around 10 million homeowners in income brackets under $50,000 per year. He has also supported the Stop Fraud Act for several years, a proposal that includes various reforms meant to protect consumers from “abusive” lending practices, and also supported mandating accurate loan disclosure, including a simplified borrower metric -- described as similar to the APR -- for home buyers, called the Homeowner Obligation Made Explicit (HOME) score.
Obama's proposals include a tax cut of $500 per person or $1,000 per couple for most families, but letting President Bush's tax cuts lapse for those making $200,000 or more a year and raising the capital gains tax rate for big companies.
Obama has proposed a tax relief plan for small businesses and start-up companies that will include elimination of all capital gains taxes on those types of businesses, with the aim of encouraging innovation and job creation. His campaign’s $50 billion “Obama-Biden Relief Plan” would include the creation of a $25 billion Jobs and Growth Fund. He also has pledged to make the Research and Development Tax Credit permanent.
Obama has proposed a plan with the goal of creating 5 million “Green Collar jobs,” including jobs related to a plan to weatherize one million low-income homes annually, part of an over-arching energy-savings initiative that supports green building. The campaign also has voiced a plan to increase funding for federal work force training programs, while directing them to incorporate training on “green technologies.”