U.S. Presidential Candidates Different Positions on Housing and the Economy

U.S. Presidential Candidates Different Positions on Housing and the Economy

The two U.S. Presidential candidates for election 2008 have different approaches to housing and economic issues.
Senator John McCain:
1. Proposes to spend up to $10 billion to allow some home owners to trade high-interest, adjustable-rate mortgages for fixed-rate loans.

That sounds good.

2. Proposes a suspension of the 18.4-cent federal gas tax and 24.4-cent diesel tax during the summer.

That sounds good too.

3. Supports a middle-class tax cut by doubling the personal tax exemption for dependents to $7,000.

This also will be good.

4. Calls for a simpler tax system with two tax rates and a generous standard deduction.

We agree.

5. Supports making permanent the 2001 and 2003 income tax cuts and proposes cutting the corporate tax rate to 25 percent from 35 percent and allowing businesses to immediately write off capital expenses.

We agree again.

6. Maintains that government assistance to the banking system should focus on preventing systemic risk that would endanger the financial system and the economy.

Senator Barak Obama:

1. Calls for greater government regulation of the U.S. financial system and proposes a new $30 billion economic stimulus plan to help home owners, including a $10 billion foreclosure prevention fund to help people keep their homes and $10 billion in relief for state and local governments hit hardest by the housing crisis.

Would that be socialism? Is he suggesting that we socialize the U.S. financial system?

2. Outlines six "core principles for reform" that would give the Federal Reserve supervisory authority over any financial institution to which it might make credit available and calls for reform and streamlining of financial regulatory agencies.

What?

3. Wants to repeal a provision in the bankruptcy law so ordinary families can modify terms of home mortgages.

What are "ordinary families"? What does he mean by "modify terms"?

4. Proposes a 10 percent mortgage tax credit for middle-class Americans.

What are "middle class Americans"?



Posted by Harrison K. Long, Explore Properties Group, Coldwell Banker Previews, June 10, 2008.
Source: Reuters News Service

California Sales Tax Should Not Be Expanded to Include That For Services

The State of California and legislature (controlled for many years by Democrats) and Board of Equalization is considering sales tax expansion to include that on services, such as fees for real estate agents, physicians, dentists, lawyers, accountants, architects, gardeners, landscapers, babysitters, and so many others.

There is an obscure rule of the Board of Equalization, the state's tax collecting agency, that would allow such consideration. This elected board is itself governed by 3 Democrats and 2 Republicans.

We recognize that the state of California is in financial trouble with estimated budget deficit of $17 billion.

The state should focus on reducing its mammoth payroll and pension obligations, stop giving away money so much money through entitlement programs, increased welfare benefit payments, and that involving medical care for illegal immigrants.

Democrats don’t want to cut services. Republicans don’t want to raise taxes, and we agree.

The California sales tax currently only applies to goods that you can touch, like motor vehicles, household items, golf clubs, clothing, office supplies, computers, telephones, and digital recorders.

Our sales tax does not now apply to services, like that of a real estate agent, physician, lawyer, dentist, accountant, architect, and labor for an auto mechanic.

The State board of Equalization without permission from the legislature and governor could change this system to include sales taxes on services.

What a mistake that would be and get us tied up in court of years on constitutional issues, which would require further use of the state's precious money.

The possibility of expansion of sales tax to include services should be opposed and rejected by every California business person.

The board’s chairwoman, Judy Chu, has already during April 2008 proposed a 5 percent sales tax on services and argued that the board has such authority to make this determination on its own.

Our California State Board of Equalization and the Democrat controlled legislature should not be allowed to expand sales tax in California to include that for services.

Posted by Harrison K. Long, Explore Properties Group, June 9, 2008
Source: Orange County Register