Saturday, November 1, 2008

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:







McCainObama


  • 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.

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