Latino Economic
BARACK OBAMA: FIGHTING ECONOMIC OPPORTUNITY FOR THE LATINO COMMUNITY – PART 3
February 10, 2010 | 
Author Support Job Creation: Barack Obama believes we need to double federal funding for basic research, expand the deployment of broadband Internet technology, and make the research and development tax credit permanent so that businesses can invest in innovation and create high-paying, secure jobs. As president, Obama will make long-term investments in education, language training, and workforce development so that Americans can leverage our strengths – our ingenuity and entrepreneurialism – to create new high-wage jobs and prosper in a global economy.
Reduce Fees for Remittances: Some six million Latin American immigrants in the U.S. send money back home to their families on a regular basis. Nearly $25 billion was remitted from the United States to just Mexico and Guatemala in 2005. Barack Obama wants to give more families access to traditional banking services and increase transparency in what consumers are charged for money transfer services. Greater transparency and competition will lower fees on remittances, prevent consumer abuse, help immigrant families here and promote development in foreign countries.
Support Low-Income Families: The Child Tax Credit is an important financial resource that helps working families with a $1,000 credit per child. Unfortunately, the credit is skewed so that many of the families who need it most cannot get it. Because of high income limits that are indexed to inflation every year, parents who work full time at minimum wage are not eligible for the credit. As a result, 4.1 million Latino children and families do not get the full credit. Barack Obama worked with Senator Olympia Snowe (R-ME) to introduce legislation lowering the income limit so that 600,000 more families can benefit from the credit.
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BARACK OBAMA: FIGHTING ECONOMIC OPPORTUNITY FOR THE LATINO COMMUNITY – PART 2
Create Career Pathways for Workers to Move up the Ladder: Barack Obama believes that all workers who want a job should not only be able to gain meaningful employment, but also be able to move up the career ladder to further support their families and serve as role models for their children. Obama has introduced legislation to help strengthen career ladders by first identifying regions and industries where career pathways are not fully developed and then establish public-private partnerships to lift up low-wage workers. Obama supports using the successful organized labor model of providing workers with additional skills and opportunities, and looks forward to working with organized labor to build more opportunities for low-income workers to reach economic security.
Increase Latino Access to Capital: Latinos are entering the entrepreneurial market in record numbers. During the 1990s, the number of Latina-owned small businesses grew by an extraordinary 209 percent. Unfortunately, minority-owned businesses face challenges in accessing capital. For example in the Small Business Administration’s (SBA) main venture capital initiative, the Small Business Investment Company program, less than 2 percent of investment went to Latino-owned businesses. In order to increase their size, capacity, and ability to do business with the federal government, and to compete in the open market, minority firms need greater access to venture capital investment, as well as greater access to business loans. Barack Obama will strengthen Small Business Administration programs that provide capital to minority-owned businesses, support outreach programs that help minority business owners apply for loans, and work to encourage the growth and capacity of minority firms.
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BARACK OBAMA: FIGHTING ECONOMIC OPPORTUNITY FOR THE LATINO COMMUNITY – PART 1
The average wage for Latinos is only 71 percent of the average wage of their white counterparts.
Provide a Tax Cut for Working Families: Barack Obama will restore fairness to the tax code and provide 150 million workers the tax relief they deserve. Obama will create a new “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. This refundable income tax credit will provide direct relief to American families who face the regressive payroll tax system. It will offset the payroll tax on the first $8,100 of their earnings while still preserving the important principle of a dedicated revenue source for Social Security.
The “Making Work Pay” tax credit will completely eliminate income taxes for 10 million Americans. The tax credit will also provide relief to self-employed small business owners who struggle to pay both the employee and employer portion of the payroll tax. The “Making Work Pay” tax credit offsets some of this selfemployment tax as well.
Help Low-Income Americans Enter the Job Market: Obama’s commitment to helping low-income workers began early in his life. After college, Obama worked for a church-based group in Chicago to improve living conditions in poor neighborhoods plagued by high unemployment. Obama worked with a group that used charitable grants to assess skills of unemployed workers and help them find jobs. As president, Obama will Paid for by Obama for America increase federal investments into transitional jobs, which are a promising way to help chronically unemployed people break into the workplace. This approach places participants into temporary, subsidized wage-paying jobs. It also offers mentoring and social services designed to address the work-blocking problems like personal and family conflicts. Obama also supports funding for bridge programs that partner the federal government with employers and community-based organizations to identify job opportunities, develop customized training programs, and place low-income employees in better jobs. He also supports funding for apprenticeship programs and investments in community college programs that target adults looking to gain new skills.
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