Foxfyre said:
1. Make the Bush tax cuts permanent for the foreseeable future so that private enterprise will be able to plan ahead with confidence. Our President campaigned vigorously on promises to cut taxes on low end businesses and for 90% of the people. Had he done so, we would have had a far less deep and prolonged recession. Had tax relief been provided to all business, we would probably be out of the recession by now and would be thriving.
2. Reduce as much regulation as is reasonable to free up private enterprise to be able to innovate and compete in the free market.
3. Scrap this horrendous healthcare bill completely and adopt as many as possible of the practical and profitable proposed reform measures that can be done immediately and with good results.
4. Scrap the horrendous cap and trade bill completely and focus on helping American industry be able to be boldly innovative and competitively on the open market.
5. If we must go into deeper deficits, provide some low end mortgage insurance or refi that will make it attractive for under water property owners to avoid default and help them tread water until that market recovers. Couple that with scrapping all the stupid initiatives that encourage lending institutions to make high risk loans and reinstate regulation that prohibit lending institutions from risking anything other than their own assets in high risk loans.
6. Announce that the government will freeze spending as much as possible without defaulting on existing obligations, that it will cut spending as much as it can without creating unacceptable hardship, and Congress and the Administration will operate with bare bone budgets and staffs until the economy rights itself.
7. Revamp the tax policy so that everybody from the poorest to the richest shares proportionately and equitably in the burden and begin a slow and careful process of reducing and eventually limiting all forms of federal charity.
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1. Tax credits were signed into law and became effective April 1, 2009. Here's a synopsis.
Individuals
$300 one-time cash payment to: Seniors, disabled people, and veterans.
$500 tax cut per invididual (for two years)
$1000 tax cut per couple (for two years)
$1000 tax cut per child–if you count as the working poor
$2,500 tax credit for college tuition
$7,500 tax credit for middle-class first-time homebuyers who buy by mid-2009
No taxes on unemployment benefits (a temporary suspension)
Businesses
Companies in the red can claim tax credits on profits of up to five years ago
Businesses buying plants and equipment get bonus depreciation
Small businesses can double the amount they’re allowed to write off for new equipment and capital investments
Energy
More tax credits for energy-efficient homes
$31 billion total tax credits for companies who increase production of renewable energy and boost their energy efficiency
In addition, he proposes further relief on capital gains tax:
Obama proposes no capital gains tax on qualified small business stock : Startup Company Lawyer
And more:
House Democrats Propose Tax-Cut Extensions - WSJ.com
There has been no decision yet whether to extend the Bush tax cuts. It will all depend on the state of the economy at the time they expire. But those cuts ALSO resulted in a dramatic reduction in revenue, which added to Bush's deficit problems. So therein lies the conundrum.
2. No. Exactly what "regulations" are so offensive to private enterprise, and if so, why didn't they complain before the Obama administration took over?
3. I'm guessing conservatives will get their wish on health care, and the subject will, again, just be allowed to fade away. There will be NOTHING, no Dem plan will get a single vote from Republicans, and any "good" stuff conservatives suddenly are willing to offer up when they are no longer in power won't happen either.
4. Ditto. Cap & Trade will not pass, which is not to say that a renewable energy plan in general will not. Just that particular requirement.
5. Regarding homeowner assistance, this also has already been done, and of course has been highly criticized. The Q&A details can be found here:
Obama Administration's Home Mortgage Crisis Fact Sheet - washingtonpost.com
and the home buyer's tax credit was just extended:
Obama Signs Homebuyer Tax Credit Extension | RISMedia
6. That's already a possibility, but highly doubtful. I seem to remember the 1994 showdown between Gingrich and Clinton over something similar, and Gingrich soon realized a spending freeze would cripple government.
Obama eyes domestic spending freeze - White House- msnbc.com
7. Regarding overhaul of the Tax Code, could we please wait a little longer than one year into office before Barack Obama tackles THAT daunting problem, which has also been tabled decade after decade? Check back with me sometime next summer, and perhaps it will become the hot topic du jour. But it makes no sense to take on something that stupendous at this point in time.