Economic Proposals of McCain and Obama

Yahoo! Finance wrote a nice article comparing key economic proposals from McCain and Obama. The following is some of the economic proposals from McCain and Obama:

McCain

Obama

Slow growth in Social Security, Medicare and Medicaid spending. Eliminate funds for pet projects, known as earmarks. Help pay for tax cuts by creating new jobs in the clean energy sector and developing new automotive technologies, which in turn will boost economic growth. Tax withdrawals of up to $50,000 from IRAs and 401(k)s at 10% in 2008 and 2009. Reduce capital gains tax to 7.5% from 15% for two years. Buy bad mortgages and renegotiate loan terms based on current value of home. Convert failing mortgages into low-interest, FHA-insured loans. Increase capital requirements on financial institutions. Increase transparency of complex financial instruments. Wants to clarify and unify regulatory authority of financial institutions, including the mortgage insurers. Spur economy and job growth by cutting corporate tax rate and temporarily lowering current rates on dividends and capital gains. Require companies to automatically enroll their employees in retirement plans they offer. Speed introduction of "flex-fuel vehicles" that can run on ethanol blends and gasoline. Eliminate a current tax break for oil companies, but lower corporate taxes across the board. Permanently repeal the Alternative Minimum Tax, the so-called "wealth tax" that threatens the middle class. Reduce corporate tax rate to 25% from 35%.

Help pay for new proposals by drawing down troops in Iraq war, raising taxes on high-income filers and cutting certain corporate loopholes. Give temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United States. Require financial institutions participating in bailout to put a 90-day moratorium on foreclosures for homeowners "acting in good faith." Impose liquidity and capital requirements on investment banks. Either nationalize or privatize giant mortgage companies. Establish a database of censured or debarred mortgage professionals, so borrowers can easily check the credentials of lenders. Raise minimum wage to $9.50 an hour by 2011 and tie future rises to inflation. Set up $60 billion infrastructure investment bank to help fund public works. Also, create a $25 billion emergency Jobs and Growth Fund to fund other infrastructure projects. Give a temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United States. Require companies to automatically enroll their employees in 401(k)s or IRAs. Provide a federally funded match on retirement savings for families earning below $75,000. Tax oil profits and use the money to help fund $1,000 rebate checks for consumers hit by high energy costs. Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration. Create a $10 billion fund to help victims of predatory loans. Provide $1,000 tax cut for working couples making less than $250,000.