American Presidents And Their Economic Reforms Essay Example for Free

American Presidents And Their Economic Reforms Essay Barack Obama   One important economic reform Barrack Obama pledges to undertake is to prevent mortgage fraud and create fund to help people refinance their mortgage, thereby avoiding foreclosure. He pledges to create universal mortgage credit, provide $10 billion worth of mortgage revenue bonds and promises to close loopholes of federal bankruptcy law. Obama commits to restore fairness to the tax code and to do away with regressive payroll tax system, thereby eliminating income taxes for 10 million Americans. He assures to simplify the tax fillings procedures to save valuable man hours as well as billions of dollars of tax preparer’s fees. Obama guarantees to reform the child and dependent care tax credit by making it refundable, allowing low income families to receive upto 50% credit for their child care expenses. Obama will make college education affordable to most Americans by creating a fully refundable new American opportunity tax credit, covering two third cost of tuition. He also promises high quality, affordable health care that will save a typical American family upto $2500 a year. He will initiate double funding for federal support of after school program and set off a strategy to encourage all states to adopt paid leave systems by providing initial start up costs of $1.5 billion. His economic agenda further include reform of corporate bankruptcy laws to protect workers, protect families facing medical crisis, capping of outlandish interest rates on pay day loans and improve disclosure, to encourage responsible lending institutions to make consumer loans, create credit card rating system to improve disclosure, and to establish a credit card bill of rights to protect consumers. Apart from promising millions of green jobs, Obama also commits to strengthen retirement security and preserve social security. John McCain   Republican presidential candidate of United States John McCain believes in low, simple and fair tax structure. His tax reform plan includes tax cuts on middle class families, permanent repeal of the Alternative Minimum Tax (AMT), and permanent income and investment tax cut measures. McCain also pledged that he would make tax raising harder by increasing the ratio of voting majority to two third. He also vouched for cut in corporate tax, reward for saving, investment and risk taking, and would even allow first year deduction of equipment and technology investment. To sustain global competitiveness, and commitment to innovation and new technologies, McCain would seek pro-innovation tax cuts, ban new cell phone taxes and establish permanent tax credit equal to 10% of wages spent on R D. Moreover, he plans to cut retirement tax to ensure lower Medicare premiums. In order to eliminate wasteful spending, McCain will stop earmarks, pork-barrel spending and waste, reform civil service system to promote accountability, and good performance of federal work force. He plans to reform procurement program and cut wasteful spending in defense and non-defense programs. McCain promised budgetary reforms to give tax cut a fair chance and to stop damaging tax hikes. Reforming entitlement programs such as social security and medical growth for the retirees and seniors are also in McCain economic policy agenda. For effective enforcement of global trading rules, McCain will reduce barriers to trade. He plans to overhaul unemployment insurance and make it a program for retraining, relocating, and assisting workers who have lost a job. Under his national strategy for energy security, McCain plans diversification and conservation of energy source and reduce energy consumption. Hillary Rodham Clinton   Hillary Clinton announced economic stimulus package amounting to $110 billion, to tide over anticipated recession. The package include funds to deal with sub-prime mortgage crisis, to help lower income families pay for higher home energy costs, to extend unemployment insurance, and a hint at providing some tax refund. Clinton’s energy policy takes into consideration reduction of greenhouse gas emission 80% from 1990 levels by 2050, slashing of foreign oil imports by two thirds from projected levels by 2030, transforming U.S. into a green economy and provides approximately 5 million jobs from clean energy over the next decade. Clinton supports cap and trade which allows companies to trade carbon credits, and supports other conservation measures such as releasing oil reserves, increasing number of hydrogen powered vehicles, ratification of Kyoto protocol, and nuclear power as a part of energy solution. Clinton vouches for fair trade practices and welcomes U.S. Commerce Department’s call for 108.3% duty on imports from Chinese candle-makers which sought to circumvent an anti-dumping duty order. In health care front, Hillary Clinton supports incremental health care reforms which would provide federally accessed universal health care for not so well off families by subsidizing insurance premiums. Clinton’s New American Health Choices Plan include an â€Å"individual mandate† universal health care plan which requires health care coverage for all individuals and   projected cost of the plan is $110 billion annually and expected to be generated by repealing some of the Bush’s tax cuts and thereby increasing some tax to higher rates than which existed in 2000. Hillary Clinton supports retaining social security tax cap which makes income in excess of $102,000 untaxable for social security, which leaves top 6% of income earners outside the social security tax net.