Jobs, Baby, Jobs - Black Enterprise

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Black Enterprise Magazine July/August 2018 Issue

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Sen. Barack Obama greets workers at a 3 p.m. shift change at the Chrysler machining plant in Perrysburg, Ohio on Tuesday, Oct. 14, 2008.

Sen. John McCain unveiled a $52.5 billion economic plan today that would end taxes on unemployment benefits and cut the capital gains tax. And he took time out to warn voters that Sen. Barack Obama would raise taxes.

McCain also promised to help create jobs explaining that the most effective way a president can do this is with tax cuts that are directed specifically to create jobs, and protect your life savings. “Reducing business tax rates has the potential to stop and reverse the rise of unemployment, and could create millions of new jobs,” said McCain asserting that Obama’s plan to raise taxes would drive companies overseas.

Speaking from Blue Bell, Pennyslvania, McCain said that the country needs to raise the value of homes by directing the government to buy up bad mortgages and refinancing them. “Much stricter oversight” is the solution to prevent future bailouts, McCain says. “No more wild overleveraging, no more liabilities concealed from the public and from shareholders, no more bundling of assets to maximize profit by assuming insane risks. Those days are over on Wall Street.”

In contrast to McCain’s plan, Obama’s economic rescue plan for the middle class seeks to appeal to middle-class Americans who are struggling to pay their mortgage and other bills and who want jobs. His plan calls for a temporary tax credit for businesses that create new jobs in the U.S. over the next two years, penalty-free withdrawals from IRAs and 401(k)s in 2008 and 2009, a 90-day foreclosure moratorium for homeowners that are acting in good faith, and creation of a lending facility to address the credit crisis for states and localities. To keep jobs in America, Obama also wants to help U.S. automakers weather the financial crisis.

Additionally, Obama wants to eliminate taxes on unemployment insurance benefits.

Both Obama and McCain have proposed eliminating taxes on unemployment benefits, but each campaign had criticism for the other. McCain warned that Obama’s plan to allow penalty-free withdrawals from IRA and 401(k)s would invite “capital flight” from the markets. Instead he offered to shore up the pension plans for workers and retirees, and cut in half the capital gains tax on stocks purchased and held for more than a year from a rate of 15 to 7.5%, which he believes will help companies.

Instead of providing investors access to their retirement savings as they struggle to pay bills and other monthly necessities, McCain says it would be better to order the Department of the Treasury to guarantee 100% of all savings accounts for a period of six months. He also wants to cut the tax rate for

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.