US president-elect Barack Obama has lined up a $190bn (£120bn) tax-cutting package to help kick-start the struggling economy. The tax incentives he hopes to introduce are expected to help the economy recover, reports Reuters. They include: giving businesses around $3,000 refundable tax credits for each new full-time employee hired in the US over the next two years; eliminating capital gains tax for small businesses; providing $25bn to states to eliminate the need for raising property taxes or cutting important services during the current crisis; and suspending rules forcing the retired to take money from their retirement accounts six months after they become 70. In the longer term, Obama aims to reverse Bush's tax cuts for the wealthier population and propose a $500 tax cut for individuals and $1,000 for families. The initiative would be carried out through tax refunds based on 2007 tax returns.