AKC News // What does Obama's victory mean for construction?

These are the pledges Barack Obama made in the run-up to his historic election victory

Energy and nuclear
Plans to invest $150bn over 10 years in clean energy. He proposes increasing fuel economy standards and proposes that 25% of electricity consumed in the US should be derived from clean, sustainable energy sources by 2025. He strongly opposes McCain’s take on the issue: “It is truly breathtaking for John McCain to talk about combating climate change while voting against virtually every recent effort to actually invest in clean energy.”

Mortgages and homeowners
Plans to invest a $10bn foreclosure prevention fund to help homeowners modify their loans: “We’ve got to make sure that we’re helping homeowners, because the root problem here has to do with the foreclosures that are taking place all across the country. To renew our economy – and to ensure that we are not doomed to repeat a cycle of bubble and bust again and again – we need to address not only the immediate crisis in the housing market; we also need to create a 21st century regulatory framework.”

Jobs in construction
Has said he will invest $16bn over 10 years in local government to fund projects and to develop and maintain a national infrastructure. He says this will mean workers are needed to repair bridges and roads which he sees creating 2 million jobs for the construction industry.

The financial crisis
Promotes targeted tax relief to help middle-class families cope with rising costs and stagnant pay: “My attitude is we’ve got to grow the economy from the bottom up. What I’ve called for is a tax cut for 95% of working families.”

Corporate income tax
Would leave corporate tax rate at 35%. Says he needs to find fewer cuts, since his tax plan would raise $1.2 trillion more in revenue than McCain's plan over the next 10 years.

Foreign firms working in the US
Companies that start or expand operations in the US would get tax cuts. He would close loopholes that allow companies to shelter income, especially in tax havens.

Small firms
Would eliminate capital gains taxes for investors in start-ups and small firms. Proposes unspecified investment incentives for small businesses and reducing the self-employment tax. Speaking on 22 October, he said: “Let me be crystal clear: If you make less than a quarter of a million dollars a year – which includes 98% of small business owners – you won't see your taxes increase one single dime.

Source:
http://building.co.uk

Date : 05-11-2008