Paying for Promises
Barack is realistic about his goals.  How will he pay for them?

Personal note:

Senator Obama's plan is outlined in the right hand column of this page.  It includes a combination of fiscal reforms and tax increases on the wealthiest Americans.  It asks for a small sacrifice from those who have prospered from doing business in the United States.  It does not do this and ask nothing in return; it actually gives back more than it takes.  It repays this sacrifice with limitless growth and a strong economy.  It does not aim to burden small or struggling businesses, it aims to strengthen them by making the country more prosperous.  It doesn't provide handouts, it provides inexhaustible prosperity for our future.

I have a lot of friends who own small businesses.  Most of those friends will be against this plan at first glance.  Barack plans to return to Clinton-era taxes on the wealthiest Americans.  I'd like to make three points about this.

First, a struggling small business isn't the same as a Corporate giant, and a small business owner is very likely to fall into the category of middle class earner, and won't be effected by this.  Ending Corporate and billionaire tax loopholes won't effect the independent restaurant or shop-owner.  Listen to the Senator's speech.  He is asking those who have benefited from America's strenth, to repay a small amount of what they themselves have reaped from it.  This money won't be put back into the economy as contracts to build bombs and bullets which benefit only a handful of big corporations, it will be spread more evenly among everyday Americans to help with health care and educational equality.  An educated prosperous population will boost small businesses and give them a prosperous marketplace, in their own hometowns.

Second.  Small businesses will benefit from making health coverage affordable.  Not only will they be able to more easily afford coverage for their own families, but they will compete for workers more easily once working for a small business is no longer equated with giving up health coverage.

Third.  Municipal poverty and inequality is a great burden for small business.  Small businesses aren't built on the most expensive real estate in the most prosperous communities.  Small businesses are seeded where commercial real estate is affordable.  The tax base of these communities is overburdened due to high poverty rates.  Generation after generation of poor with no hope for escape is not a great marketplace.  Neither rural nor urban communities will rise from this poverty cycle without the support of larger federal and state governments.  The greatest tax and regulatory burdens on small businesses come from struggling cities and school districts, not federal income taxes and gains taxes. 

 

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Barack Obama's Plan

Restore Fiscal Discipline to Washington

  • Reinstate PAYGO Rules: Obama believes that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.
  • Reverse Bush Tax Cuts for the Wealthy: Obama will protect tax cuts for poor and middle class families, but he will reverse most of the Bush tax cuts for the wealthiest taxpayers.
  • Cut Pork Barrel Spending: Obama introduced and passed bipartisan legislation that would require more disclosure and transparency for special-interest earmarks. Obama believes that spending that cannot withstand public scrutiny cannot be justified. Obama will slash earmarks to no greater than year 2001 levels and ensure all spending decisions are open to the public.
  • Make Government Spending More Accountable and Efficient: Obama will ensure that federal contracts over $25,000 are competitively bid. Obama will also increase the efficiency of government programs through better use of technology, stronger management that demands accountability and by leveraging the government's high-volume purchasing power to get lower prices.
  • End Wasteful Government Spending: Obama will stop funding wasteful, obsolete federal government programs that make no financial sense. Obama has called for an end to subsidies for oil and gas companies that are enjoying record profits, as well as the elimination of subsidies to the private student loan industry which has repeatedly used unethical business practices. Obama will also tackle wasteful spending in the Medicare program.

Make the Tax System More Fair and Efficient

  • End Tax Haven Abuse: Building on his bipartisan work in the Senate, Obama will give the Treasury Department the tools it needs to stop the abuse of tax shelters and offshore tax havens and help close the $350 billion tax gap between taxes owed and taxes paid.
  • Close Special Interest Corporate Loopholes: Obama will level the playing field for all businesses by eliminating special-interest loopholes and deductions, such as those for the oil and gas industry.

Barack Obama's Record

  • PAYGO: Obama voted in 2005, 2006, and 2007 to reinstate pay-as-you-go (PAYGO) federal budget rules.
  • No-Bid Contracts: Obama has introduced and helped pass bipartisan legislation to limit the abuse of no-bid federal contracts.
  • Against Raising the Federal Debt Limit: In 2006, Obama voted against misguided Republican efforts to raise the statutory debt limit at the same time the Republicans were pushing through massive debt-financed tax cuts for the wealthy.