Obama Proposes New Business Tax Credits, Suspension Of Tax Penalties
While McCain is apparently “rebooting” his campaign with little more than a speech claiming he’s an underdog, Obama is proposing new economic plans.
The Democratic nominee will propose a temporary tax credit for firms that create new jobs in the United States over the next two years, and penalty-free withdrawals from IRAs and 401Ks in 2008 and 2009.
He will call for new legislation that would give families the option of withdrawing as much as 15 percent of their retirement savings â€“- up to a maximum of $10,000 â€“- without facing a tax penalty this year or next, and a temporary lifting of taxes on unemployment insurance benefits.
The Illinois senator will also call for a 90 day foreclosure moratorium for homeowners acting in good faith, and a new effort to address the growing credit crisis at the state and local level. Under the Obama plan, the Federal Reserve and the Treasury would provide much the same kind of backing to state and municipal governments as the recent federal bailout did to the commercial credit market.
Prediction: McCain’s “reboot” will make him look more erratic. Obama’s new economic plans will make him look steadier.
And with North Dakota (WTF?) now seemingly in play, perhaps Montana and Georgia aren’t far behind?