Experts predict Obama's impact on Bay area's economy

Tampa, Florida - How will people who live in the Tampa Bay area benefit when Barack Obama is sworn in as our nation's 44th President? We asked some experts about taxes, health care and housing.

Mario Iezzoni is a CPA with USF's Small Business Development Center. He says Americans making under $200,000 a year should see several tax breaks as a result of Obama's victory, including millions of homeowners.

"The Obama tax law is going to give them a tax credit for mortgage interest that they could have deducted that they can't now if they don't itemize," said Iezzoni.

As for benefits in health care, USF Public Health Professor Jay Wolfson says Obama will make it easier for health care professionals to share our medical records by expanding an electronics records initiative.

And Obama plans to expand health insurance for children.

"We have children waiting in line, families that could make tremendous use of preventative services to children that are going to save us all money, it's a great investment in the future of our kids," said Wolfson.

Wolfson says Obama will also allow access to more affordable prescription drugs, by making it easier to buy those drugs on the Internet or from other countries like Canada and Mexico.

30-year-veteran realtor Randy Ierna predicts Obama will impact the bay area's housing market by helping FHA and VA mortgage markets.

"I think that Barack and the Democratic Congress will strengthen those programs, make it easier for people to get mortgages at a lower interest rates," said Ierna.

But Ierna worries a higher capital gains tax under Obama could stifle sales of more expensive homes and commercial property.

Overall, all three of the experts we talked with about taxes, health care, and housing, predict Obama will have a positive impact on the Tampa Bay area's economy.