Obama spells out tax credits and green plans to end Michigan’s woes
Presidential candidate, Senator Barack Obama said that he would like to see 1 million plug-in hybrid vehicles on American roads by 2015. He also offered tax credits to buyers of hybrid automobiles and outlined plans to help American auto manufacturers achieve the goal of fuel efficiency and reduced dependency on oil imports.
Speaking at Michigan’s Lansing Center, Senator Obama said that he was keen to end oil imports from the Middle East and Venezuela within 10 years and give fillip to Michigan’s domestic carmakers, by making it a hub for the future production of fuel-efficient and alternative fuel vehicles.
Obama’s proposed energy plan includes an expenditure of $150 billion over the next 10 years to meet the demand for fresh energy sources, a plan that is expected to create 5 million new jobs. The costs for the plan to raise mileage standards, provide incentives for auto companies and consumers to switch to hybrids, would be met by a proposed windfall profits tax, ending $20 billion in subsidies to oil companies.
The Illinois Senator was offering $4 billion in loans and guarantees to carmakers to develop plug-in hybrids. Consumers would get a $7,000 tax credit for buying the fuel efficient vehicles; and taxpayers a $1,000 rebate to make up for high energy prices.
A mid-July news poll revealed that voters in Michigan named high gas prices as second to the economy, in terms of important issues facing the country. Energy issues figure largely in the presidential campaign and will determine the way popular votes swing.