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Urban Issues: Economy

by Gotham Gazette Staff, Feb 23, 2004
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URBAN ISSUES - ECONOMY
• Jobs
• Minimum Wage
• North American Free Trade Agreement
• Taxes

• • • • • • •

John Edwards

Edwards proposes a new round of funding for New Markets Tax Credit, a program that matches $3 of investment from private companies with $1 in federal funding. In the past this program generated $26 billion for high tech jobs. Edwards also proposes doubling funding for grants for community development organizations. He also proposes a Training Works initiative to connect businesses and community colleges with local residents seeking jobs.

Edwards would raise the minimum wage from $5.15 to at least $6.65 an hour.

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Edwards was not in office when the North American Free Trade Agreement was passed. He said if he were in office, he would have voted against it. He says it must be amended to keep jobs in the U.S.

Edwards wants to repeal tax cuts for families with incomes above $200,000. He also has proposed a $2,500 tax credit for families with newborn babies to be used to pay for childcare. He would give a 10 percent tax credit for companies that keep jobs in the US.

John Kerry

Kerry proposes a State Tax Relief and Education Fund that will help states with $50 billion over two years to ease education cuts, tuition increases, and local taxes. He also wants to double the number of urban business zones that receive tax incentives. He supports private job training centers and promises to expand opportunities for minority and women owned business.

Kerry would raise the minimum wage, but did not say how much.

Kerry voted for the North American Free Trade Agreement, but says that it may need to be amended to keep jobs in the U.S.

Kerry wants to repeal tax cuts for families with incomes above $200,000. He also supports a State Tax Relief and Education Fund that will help states so they don’t have to make cuts or raise taxes. Kerry wants to protect the increases in the child tax credit, the reduced marriage penalty, and the new tax bracket that helps people save $350 on their first level of income.

Dennis Kucinich

Kucinich would offer state and local governments $50 billion in interest free loans every year for ten years to help create jobs.

Kucinich would raise the minimum wage from $5.15 to $8.50 an hour.

Kucinich said he would repeal the North American Free Trade Agreement to keep jobs in the United States.

Kucinich would repeal all of President Bush's tax cuts, and offer $87 billion in tax credits for middle- and low-income families.

Al Sharpton

Sharpton proposes spending $50 billion a year for five years on highway, railway, and infrastructure as a way to create jobs.

Sharpton would raise the minimum wage from $5.15 to $7.15 an hour.

Sharpton would repeal the North American Free Trade Agreement to keep jobs in the United States.

Sharpton would repeal all tax cuts and institute new taxes on the wealthy and corporations to pay for education, health care, and social programs. He would increase child tax credits and earned income tax credits.

George W. Bush

In May 2003, President Bush signed the Job and Growth Act, which cut capital gains and dividends taxes and gave $20 billion in state aid to create new jobs. The White House Economic report issued in February predicted that 300,000 new jobs a month will be created by the end of 2004. However, recently the administration said that those job predictions were too high.

Bush has not supported a minimum wage increase.

Bush supports the North American Free Trade Agreement.

Bush signed tax cuts over the last three years that will total over 1 trillion dollars over six years. New Yorker City’s portion is about $78 billion. He wants to continue these tax cuts into the future.

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GOTHAM GAZETTE’S RELATED ARTICLES


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