October 14, 2008
Who has a better plan to fix the economic mess?
As Treasury Secretary Henry Paulson announced a plan to inject $250 billion into national banks, the candidates are getting more specific with their own plans to stimulate the economy.
John McCain will release proposals that add up to $52.5 billion, following Barack Obama's proposals unveiled yesterday estimated at $60 billion, The New York Times reports.
McCain will propose the following:
-Give a lower tax rate for people 59 years and older who withdraw money from retirement plans in 2009 and 2010
-Reduce the capital gains tax on stock profits for two years by 50 percent
-Create an acceleration in the tax write-off for stock losses, allowing Americans to deduct $15,000 in losses a year for 2008 and 2009
-Place a suspension on the tax on unemployment insurance benefits in 2008 and 2009
-Buy troubled mortgages at face value and give qualified homeowners instead fixed-rate mortgages (Already proposed)
Yesterday, Obama proposed the following:
-Give a $3,000 tax credit to employers who create new jobs
-Eliminate a tax penalty for everyone to borrow from their retirement savings, eliminate income taxes on unemployment benefits, and double the government’s loan guarantees for automakers
-Create a government facility to lend money to cities and states
-Place a 90-day moratorium on most home foreclosures
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