Today is the day of the election which will determine the political power of the economic giant of the globe, United States of America. The two candidates were Barack Obama and Mitt Romney fighting in the race of the presidential elections there.  Congratulations Obama, you have become the president of the country for next term too. We know Obama went through one of the most difficult phases of the country where USA had to fight with various shortcomings like unemployment, energy crisis, etc. Though there were arguments that Obama could not fulfill the high expectations of the American public but he is provided with one more opportunity. Let us look into the major differential policy highlights of these two candidates.

Economic Policy

Regarding the economic policy, both have taken major standings on the taxation strategies. The major highlights on Obama’s standings are: withdraw the tax cuts for the households earning more than $250,000; lower the tax rates in the manufacturing industries; stimulus spending and tax cuts for economic growth, people earning more than $ 1 million to pay the minimum tax of 30% whatever the source be; cut expenditure and raise tax rates on wealthy to reduce deficit. On the other hand, the major highlights of Romney’s standings are: maintain the current tax rates for the households; terminate the estate tax and taxes on interest, dividend and capital gains for individuals earning less than $200,000; Cancel the Alternative Minimum Tax; corporate tax cut to 25%; cancel the corporate AMT too and introduce the territorial tax system.

Immigration Policy

Regarding the immigration policy, Romney argues that employment laws be enforced so that illegal immigrants are self-deported. He also suggests that the magnet that has been attracting the immigrants be demagnetized. Obama, on the other hand, argues that immigrants are the scapegoats for the high unemployment rates in the country so that the foreign graduate students should be allowed to stay and work for the country.

Trade Policy

When we look into the trade policy, Romney says that trading will be done with China only if they follow the international rules and that trading should be seen beneficial from the holistic approach. And Obama argues that starting with South Korea, USA will double its exports by 2014 and that labor should be protected as NAFTA will protect the corporate profits.

Both have similar views regarding the military policies but on the whole, these differential policies are the ones which determine the most powerful political position in the world.