US President-Elect Barack Obama economic stimulus package including hundred billion of dollars worth of tax relief to individual and corporate, according to the transition official.
The tax relief will make up around 40% of the stimulus package and worth as much as USD 775billion.
The plan would attempt to boost consumer demand, a tax break worth USD 500 for individual and USD 1000 for couple.
For Business, US allowing companies to get refunds for taxes paid in any or all of the past five years by deducting losses they’ve incurred now; those losses can currently only be carried back two years.
US President-elect said “We need an American Recovery and Reinvestment Plan that not only creates jobs in the short-term but spurs economic growth and competitiveness in the long-term,” and “And this plan must be designed in a new way—we can’t just fall into the old Washington habit of throwing money at the problem. We must make strategic investments that will serve as a down payment on our long-term economic future. We must demand vigorous oversight and strict accountability for achieving results. And we must restore fiscal responsibility and make the tough choices so that as the economy recovers, the deficit starts to come down. That is how we will achieve the number one goal of my plan—which is to create three million new jobs, more than eighty percent of them in the private sector.”
How will Malaysia over come the global recession, will Malaysia government take the same move as US for the Recovery and Reinvestment plan. Will our government able to come out a solution that spur the economic growth and competitiveness in the long-term? Do our government can make a strategic investment that benefits our long-term economy?
Can the Malaysian political use US politic as benchmark that come together to seek solutions that benefit not the interests of any party, or the agenda of any political group, but the success of all Malaysian? Or Malaysia political use the "Dewan Rakyat" as the place for them to "mouth battle" and past their time, I am not said that they didn't do their duty, but let us watch the live telecast to justify ourself.
We Malaysia face the 1997 economic crisis before, we should be more knowledgeable to handle the economy crisis.
So how will the Malaysia political both Barisan Nasional and Pakatan Rakyat come out a better solution to make all Malaysian have a better lifestyle in the future.
Reference :
1. CHANGE.GOV -American Recovery and Reinvestment Saturday, January 3, 2009 06:00am EST / Posted by Dave Rochelson
2. BLOOMBERG.COM - Obama Said to Push for Tax Cuts in Stimulus Plan By Brian Faler and Ryan J. Donmoyer
