Obama on the Economy

iVillage Member
Registered: 10-07-2008
Obama on the Economy
1
Tue, 10-14-2008 - 1:04pm

How can so many people be so wrong or maybe just blind?

iVillage Member
Registered: 04-09-2007
Tue, 10-14-2008 - 1:31pm

More info McCain's new plan:


ECONOMIC PLAN


In the Philadelphia suburb of Blue Bell, McCain outlined an estimated $52.5 billion in new proposals called the Pension and Security Plan. Many of them are aimed at helping older Americans who have seen their retirement accounts devastated in the recent stock market gyrations.


He proposed that seniors pay a maximum tax rate of 10 percent on money they withdraw from IRAs and 401(k) retirement savings plans in 2009 and 2010, instead of paying the current higher tax rate. It would cost $36 billion.


This is in addition to a plan he announced last week to give investors temporary relief from a rule forcing them to begin withdrawing from their 401(k) and IRA plans once they reach the age of 70 1/2.


McCain also proposed relief for Americans who were counting on investment income to send their children to college or pay the mortgage.


Internal Revenue Service rules say Americans can only deduct $3,000 in stock losses in any given year. McCain would expand that deduction to $15,000 a year for the tax years 2008 and 2009.


Saying he wanted to "revive the market by attracting new investment," McCain proposed a two-year cut in the capital gains tax on stock profits in half, from 15 percent now on stocks held a year or longer to 7.5 percent -- a $10 billion proposal.


In a proposal aimed at helping Americans who have been laid off from their jobs, McCain said would suspend the tax on unemployment insurance benefits in 2008 and 2009.


McCain repeated his support for a $300 billion plan for the government to buy troubled loans from homeowners who have seen values fall below their debt and restructure them into more affordable mortgages.


(Got this from a yahoo story)