Residents hope LI will benefit from new presidency

Across Long Island residents are talking about what they need from the new Obama Administration to help them and get the local economy back on track. President-elect Barack Obama has proposed raising

News 12 Staff

Nov 8, 2008, 2:12 AM

Updated 5,736 days ago

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Across Long Island residents are talking about what they need from the new Obama Administration to help them and get the local economy back on track.
President-elect Barack Obama has proposed raising taxes on anyone making over $250,000, but many small businesses on Long Island say they don't want that to happen.
Salon owner Tasso Megaris says the government should put together a stimulus package for big companies, but that small businesses like his need help too with tax breaks and more money available from banks.
Economist Pearl Kamer, of the Long Island Association, says now is not the time for any tax increases, including the tax rate for capital gains and dividends.
"When you raise taxes in a severe recession, you simply exacerbate the recession because you're restricting disposable income," says Kamer.
The Rennhack family, of Bohemia, says they are Republicans who voted for Obama in hopes that he'll come through on his promise of more affordable health care, while Heather Massa, of Massapequa, says she and other middle-class families need a federal tax break.
According to Kamer, Long Island could also benefit from subsidies for emerging technologies and an infusion of federal money to local and state governments for repairs to streets and sewers.


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