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Economy & Jobs
Our country faces its most serious economic crisis since the Great Depression. In Virginia, we have the highest unemployment rates we have seen in more than a decade. Barack Obama has proposed a comprehensive economic plan that will address our financial crisis and strengthen the economy. Barack Obama will cut taxes for ordinary Americans and small businesses, create jobs by investing in our nation's infrastructure, extend unemployment insurance, and enact broad new financial market regulations to help ensure we never face this type of economic crisis again. |
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A New American Jobs Tax Credit:Obama will provide a new temporary tax credit to companies that add jobs here in the United States. During 2009 and 2010, existing businesses will receive a $3,000 refundable tax credit for each additional full-time employee hired. The tax credit will benefit all companies creating net new jobs, even those struggling to make a profit.Jobs and Growth Fund:The Obama emergency plan would make $25 billion immediately available in a Jobs and Growth Fund to help ensure that in-progress and fasttracked infrastructure projects are not sidelined, and to ensure that schools can meet their energy costs and undertake key repairs starting this fall. This increased investment is necessary to stem growing budget pressures on infrastructure projects.In total, Obama’s $25 billion investment will result in 1 million jobs created or saved, while helping to turn our economy around. Tax Cuts:Obama proposes a permanent tax cut for 95 percent of working Americans - $500 for workers and $1,000 for families. In addition, Obama would extend these expedited tax credits to seniorcitizens who are retired as a down payment on his plan to eliminate taxes for all seniors making up to $50,000.Extend Unemployment Insurance:Millions of Americans are looking for work but unable to find it in the weak economy. Today, more than one in five unemployed workers has been out of work for more than half a year – the highest level since early 2005. Obama supported extending unemployment insurance this summer, but already 800,000 jobless workers have exhausted those benefits and are being left without any unemployment compensation.Obama believes Congress should immediately extend unemployment insurance for an additional 13 weeks to help families that are being hit hardest by this downturn. In addition Barack Obama believes that we should temporarily suspend taxes on unemployment insurance benefits as a way of giving more relief to families. Reform the Bankruptcy Code:Obama is calling for legislation to close the loophole in our bankruptcy code so that bankruptcy judges can modify the terms of mortgages on primary residences. He also believes we should clarify the legal liability of mortgage servicers so that servicers who work with struggling homeowners to modify their mortgages will receive legal protections.90-day Foreclosure Moratorium:Financial institutions that participate in the financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages. This will help create a pause and stability until the more far reaching solutions are implemented and give both sides a chance to work out an agreement.$25 Billion in State Fiscal ReliefBudget crunches across the nation are putting our local governments in the untenable position of having to choose between raising property taxes and cutting vital services. Obama has proposed $25 billion in state fiscal relief that, coupled with the new emergency facility to address the state credit crunch, will help states and localities continue to provide essential services like health care, police, fire and education without raising taxes or fees. |
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