Friday, February 27, 2009

The Major Downturn In The Economy

It's crazy isn't it?, food prices are rising among other things. Of course poor people are hit the most by this major downturn in the economy. I know first hand how hard it is now, but we as a species are resilent. I believe we will get through this economic meltdown, time will surely decide if we do. Will the economy be as bad as "the Great Depression"?.

Let's hope not, that was an horrible time in history.

http://en.wikipedia.org/wiki/Great_Depression

More about the global financial crisis, that we and the US is facing can be found here,

http://en.wikipedia.org/wiki/Global_financial_crisis_of_2008

According to Wikipedia it becames very visible in September 2008 in several large United States based financial firms.

Will the new president of the United States Oback Obama live up to his promise. That is to pull America out of this economic meltdown.

Here are just some of the ways, he believes we get the economy back up to par.

Jumpstart the Economy

* Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families:Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills. This relief would be a down payment on the Obama-Biden long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.
* Provide $50 billion to Jumpstart the Economy and Prevent 1 Million Americans from Losing Their Jobs: This relief would include a $25 billion State Growth Fund to prevent state and local cuts in health, education, housing, and heating assistance or counterproductive increases in property taxes, tolls or fees. The Obama-Biden relief plan will also include $25 billion in a Jobs and Growth Fund to prevent cutbacks in road and bridge maintenance and fund school re­pair - all to save more than 1 million jobs in danger of being cut.

Provide Middle Class Americans Tax Relief

Obama and Biden will cut income taxes by $1,000 for working families to offset the payroll tax they pay.

* Provide a Tax Cut for Working Families: Obama and Biden will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama and Biden will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family. The "Making Work Pay" tax credit will completely eliminate income taxes for 10 million Americans.
* Eliminate Income Taxes for Seniors Making Less than $50,000: Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama-Biden plan, 27 million American seniors will also not need to file an income tax return.
* Simplify Tax Filings for Middle Class Americans: Obama and Biden will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama and Biden will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama-Biden proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.

No comments: