Online Town Hall | Obama Gets Down to Business

President broadcasts meeting online

In a first-of-its-kind event, President Barack Obama today held a town hall meeting in the White House that was broadcast live on the internet. He answered questions submitted to Whitehouse.gov before taking live questions from the audience in the East Room.

Taxing questions on taxes

One question from a small businessman in the East Room audience has gotten some attention in the blogosphere. He explained that all the profit he made was being reinvested in his business or going toward paying off his personal loans for his business.

However, he has to pay income tax on that money, even though he never sees a penny of it. To make matters worse, it puts him in the highest tax bracket. He asked what Obama will do to help him.

Might need some fine-tuning

Obama was pretty general in his answer. He assured the businessman that he was committed to lowering the tax burden on small businesses and start-ups. He added that a cut in capital gains taxes for small businesses will go into effect in about five years.

Public schools

Another online question addressed education: How does the president plan to restore education as a right and a core cultural value?

Obama said the education system needs resources and reform. He talked about teacher incentives and being open to charter schools. I thought it was a bit of a curve ball when he threw in: “We have a school system designed for the agricultural era” that gives children three months off in the summer.

Bringing it home

Obama also fielded a question about homeownership.

What benefits are in his programs “to those of us paying our mortgages, but living paycheck to paycheck,” an online questioner asked.

Obama said his efforts so far have lowered mortgage rates and opened up more FHA loans. This makes it easier for homeowners to refinance, he says.