Wednesday, October 15, 2008

McCain Unveils New Economic Plan

According to the International Herald Tribune, on Tuesday presidential hopeful John McCain announced a new economic proposal with a focus on helping American struggling in the uncertain economy. Earlier in the week Democratic nominee Barack Obama announced a new plan of his own, and with Obama polling better on economic issues it is no surprise that McCain was so quick to release a new plan.

"If I am elected president," McCain said near here, "I will help to create jobs for Americans in the most effective way a president can do this: with tax cuts that are directed specifically to create jobs and protect your life savings."

His plan, estimated to cost $52 billion, relies on an array of tax-relief measures: It would ease the burden on people withdrawing money from retirement accounts; reduce capital gains taxes on stock profits; accelerate tax write-offs for stock losses; and temporarily suspend the tax on unemployment insurance benefits.

"These are all targeted at people who have been hurt by the recent financial crisis: seniors, savers, workers, people who are trying to get to college," said McCain's chief economic adviser, Douglas Holtz-Eakin.

"We're putting a lot of cash into the hands of people because that's the near-term duress," he told Reuters separately. "What businesses are looking for right now are customers."

Blog Archive