Where McCain, Obama Stand on Housing

As the race for the presidency shapes up as a contest between Sen. John McCain, the presumptive Republican nominee, and Sen. Barack Obama, who will claim the Democratic nomination, here are their initial positions on housing and related economic issues. 

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. 

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

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

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

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. 

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

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. 

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. 

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

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

Source: Reuters News

Author: niaknowles

From Native New Yorker (Brooklyn) to Atlanta Realtor, with a love for architecture and design. Atlanta based Real Estate Consultant working to restore and sell Intown Homes; REO,South West (Westside,West End, Westview Communities 30310,30311,30314,30318 zip codes)

2 thoughts on “Where McCain, Obama Stand on Housing”

  1. I think the positions of the Green Party nominee Cynthia McKinney are also instructive. McKinney is running under a “Power to the People Campaign” platform that includes “recognizing affordable housing as a fundamental human right, and putting a halt to the senseless destruction of public housing in New Orleans.” Which other candidate has come anywhere close to insisting that affordable housing is a right?

    Also, as far as I know, she is the only one of the three to acknowledge the gross racial bias in today’s foreclosure crisis. In the article below she references a United for a Fair Economy article that notes”without a public policy intervention, it would take over 5,000 years to close the home ownership gap between blacks and whites in this country, especially exacerbated because of the foreclosure crisis disproportionately facing Blacks and Latinos today.” McKinney’s platform pledges policy intervention, in part by “enacting Reparations for African Americans, so that the enduring racial disparities which reflect the U.S. government’s failure to address the reality and the vestiges of slavery.”

    http://www.organicconsumers.org/articles/article_12807.cfm

  2. 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.

    This Means Higher Taxes … Government regulation of Industry always means higher prices for the common man. When Government tries to regulate the price of any industry they drive up costs which are passed on to the consumer.

    The democrates want to do the same thing with big oil. Don’t they understand that their failure to allow for drilling here in the United States and Failure to build refieries is a part of the problem now with $4.00 gas. Enough of BIG GOVERNMENT and Those who propose GOVERNMENT REGULATION as the solution to any problem. This includes a vote of no confidince for Obama and the Democratic party in General.

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