It’s Their Economic Strategies
John McCain Economic Proposals
John McCain proposes that withdrawals from tax-preferred accounts -- IRAs And 401(k)s -- should be taxed at the lowest rate -- 10 percent -- in 2008 And 2009. This policy will apply to the first $50,000 withdrawn from these accounts each year and will affect the accounts of nearly nine million Americans over the age of 60, permitting them to devote more of their income to retirement needs.
John McCain will not penalize those forced to sell off in today's tough markets. John McCain believes that we should increase the amount of capital losses which can be used in tax years 2008 and 2009 to offset ordinary income from $3,000 to $15,000.
John McCain will strengthen incentives to save, invest, and restore the liquidity of markets. John McCain proposes a reduction in the maximum tax rate on long term capital gains to 7.5 percent in 2009 and 2010.
John McCain will provide a tax cut for Americans who have lost a job by exempting unemployment benefits from taxation. According to the latest statistics, over 3.6 million Americans are currently receiving unemployment benefits. John McCain recognizes that at a time when families are hurting, and the prospects of future job losses increase -- we should stop taxing unemployment insurance benefits for 2008 and 2009.
Barack Obama Economic Proposals
A new American jobs tax credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.
Penalty-free withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15 percent of their retirement savings - up to a maximum of $10,000 - without facing a tax-penalty this year (including retroactively) and next year.
90-day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury's financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.
A lending facility to address the credit crisis for states and localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.
Obama's plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.
John McCain proposes that withdrawals from tax-preferred accounts -- IRAs And 401(k)s -- should be taxed at the lowest rate -- 10 percent -- in 2008 And 2009. This policy will apply to the first $50,000 withdrawn from these accounts each year and will affect the accounts of nearly nine million Americans over the age of 60, permitting them to devote more of their income to retirement needs.
John McCain will not penalize those forced to sell off in today's tough markets. John McCain believes that we should increase the amount of capital losses which can be used in tax years 2008 and 2009 to offset ordinary income from $3,000 to $15,000.
John McCain will strengthen incentives to save, invest, and restore the liquidity of markets. John McCain proposes a reduction in the maximum tax rate on long term capital gains to 7.5 percent in 2009 and 2010.
John McCain will provide a tax cut for Americans who have lost a job by exempting unemployment benefits from taxation. According to the latest statistics, over 3.6 million Americans are currently receiving unemployment benefits. John McCain recognizes that at a time when families are hurting, and the prospects of future job losses increase -- we should stop taxing unemployment insurance benefits for 2008 and 2009.
Barack Obama Economic Proposals
A new American jobs tax credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.
Penalty-free withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15 percent of their retirement savings - up to a maximum of $10,000 - without facing a tax-penalty this year (including retroactively) and next year.
90-day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury's financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.
A lending facility to address the credit crisis for states and localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.
Obama's plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.
posted by Daily Observer at 11:14 PM
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