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John McCain Economic Plan

John McCain Unveils $52.5 Billion Economic Plan to "Fight"

John McCain gave a fiery speech moments ago in Blue Bell, PA, outlining his $52.5 billion plan for the economy. In front of a cheering crowd, he outlined his plan to eliminate government taxes on unemployment benefits, a help to the 3.6 million Americans currently receiving them. He's also going to order the Treasury Department to guarantee 100 percent of savings for the next six months if he's elected president.

McCain said:

If I am elected president, 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. I will stand up to the corrupt ways of Washington, the wasteful spending, and the abuses of power and I will end these abuses, whatever it takes.

To see the specifics of his plan,

.

His plan also includes:

  • Lowering the tax rate on Individual Retirement Accounts and 401(k) plans to the lowest rate (10 percent) on the first $50,000 withdrawn, a benefit the campaign estimates it will affect 9 million people over the age of 60.
  • Reducing the tax rate on capital gains to 7.5 percent for two years.
  • Expanding the amount of stock losses that are tax deductible from $3,000 to $15,000 a year for the tax years 2008 and 2009.
  • Cut the capital gains tax on stock profits in half, from 15 percent to 7.5 percent.

McCain took on Obama's plan and position on taxes and the economy saying, "What he promises today, is the exact opposite he's done for his entire career," and called Obama's plan, "the surest way to turn a recession into a depression." Ending the speech with a rousing cry to "stand up, stand up, stand up and fight. America is worth fighting for. Nothing is inevitable here. We never give up. We never quit. We never hide from history. We make history!" The crowd was certainly sold on his economic proposals. Are you?

Source

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Jessiebanana Jessiebanana 7 years
bastylefilegirl I can see how you might feel that way, but when you consider realistically how much it costs to raise children, you have to see it as charity to your fellow man and not punishment to yourself.
Jessiebanana Jessiebanana 7 years
Oooo I "may" be eligible for a $4000 tax credit to help me pay for college, saving me $500. Say yay for money for books :)!!! I hope it happens...
WithACherryOnTop WithACherryOnTop 7 years
I live overseas and don't make enough over here to be taxed by the IRS, so unfortunately nothing. :(
Mykie7 Mykie7 7 years
That's a great theory, but it's another one of those promises that I'm not going to buy until I see it with my own two eyes. And it's not just Barack that's MAKING those promises either.
bastylefilegirl bastylefilegirl 7 years
Humm I just wish one day that there was a politician/tax plan that didn't "punish" people who choose not to get married or choose not to have children.
bastylefilegirl bastylefilegirl 7 years
Foxy thanks..how much are you going to save?
WithACherryOnTop WithACherryOnTop 7 years
Was surfing Obama's website and I found a really tool! It tells you how much you'll save under Obama's plan! http://taxcut.barackobama.com/
kranky kranky 7 years
Thanks for the follow-up hausfrau! I did a quick search as well, and all reports I find state that somewhere between 40% and 50% of American households have 401(k)s or IRAs (lower than my reported 70% - oops!). However, I couldn't find anything about households that just invest in the stock market outright - so the percentage would go up, but I have no idea by how much. Point is though, that Obama's plan does call for raising taxes on more than just 5% of Americans - but this tax hike is not based on income. Stephly - I have no idea how McCain plans to pay of this debt we have accrued. I haven't had the time to research it - can anyone address this issue? On the flip side, I don't know how Obama plans to pay it off either. What I do know is that - in the past - tax cuts (like the ones McCain proposes) have stimulated the economy. I haven't seen any evidence that taxing the "wealthy" makes the overall American economy stronger. I don't meant to say that proof for Obama's stance isn't out there, I just haven't seen it yet. If you have some information to share, please do so. I love to learn new things! ;) In the meantime, I gotta work! :)
hausfrau hausfrau 7 years
Kranky - Sorry I was thinking of something else! This is what I was thinking of - As of 2006, in terms of types of financial wealth, the top one percent of households have 44.1% of all privately held stock, 58.0% of financial securities, and 57.3% of business equity. The top 10% have 85% to 90% of stock, bonds, trust funds, and business equity, and over 75% of non-home real estate. To me, we can't afford, the economy can't afford, letting people who own 85-90% of stock stop investing or cut back on investing because of the hike in captial gains. Its a dangerous move.
hope2be hope2be 7 years
I agree w/ comment 60 too. Eek.
stephley stephley 7 years
It's hard to see how McCain's economic plan is going to change anyone's vote - he offers tax cuts but no comprehensive plan for anything. He keeps saying 'I know how' to do things, but apparently, he has no clue how to articulate what he knows.
Adrenalynn75 Adrenalynn75 7 years
Stocks include anyone with a 401k. I own a 401K and an IRA...so I've got keep it there until I'm 59.5. Which is a looong time from now...so it won't help me. But it still does'nt answer how he plans to pay down this debt if he lowers taxes for everyone, fights two wars etc. Remember Bush I's mantra of No New Taxes? With the plan he has in place, I just don't see how he can do it all...
hausfrau hausfrau 7 years
i ditto Pop as well kranky - I think the figure is actually closer to 90%, I read that somewhere too, I cant put my finger on it right now though... We have to remember that IRA, 401(k) etc all include stocks.
Michelann Michelann 7 years
Pop, I agree with comment 60. Especially "And I'm not "getting anything" from McCain's or Obama's plan either. Is this what it's all about? I guess we're back to "what the country can do for you." I'm glad you said it, because some of the comments on here rubbed me the wrong way, but I didn't know how to address it without sounding b*tchy.
CaterpillarGirl CaterpillarGirl 7 years
ditto to what Pop said.
popgoestheworld popgoestheworld 7 years
By the way, the rich have ALWAYS paid way more in taxes than the poor. And yeah, companies profit from the work that the employees do. I think that should be the case. I, for example, get paid by two small business owners who came up with a great business idea. They make way more money than I do. I'm grateful for the job opportunity the created for me so that I can make money as well. And I'm not "getting anything" from McCain's or Obama's plan either. Is this what it's all about? I guess we're back to "what the country can do for you."
popgoestheworld popgoestheworld 7 years
kranky - I just asked a follow up question because I didn't see how it related to my point. Thank you for clarifying. By the way, I know you aren't asking me to agree. And I do feel comfortable disagreeing, per your above comment. :) In any case, I do disagree with you that we should wait for the research to give us one answer to this solution. I think in the long-term perhaps technology will lead us towards one best option, but in the short term, I believe it's important to use the resources we have to reduce our dependence on oil.
kranky kranky 7 years
' "Maybe... but I think it's important to know what you are supporting. " I'm not sure I follow.' Sorry if I wasn't clear. I was responding to your comment that it's better to have 50%/50% wind/conventional power than to have no wind power at all. I do not agree that precautionary principle. I think it's better to find the best possible source of energy (thus, my support of research), and not invest money in something that kinda gets the job done because it's what happens to be available at the time. Just my opinion - I'm not asking you to agree!
Michelann Michelann 7 years
"so let them pay more taxes for once (f*cken man the f*ck up) -- they can afford to do so. I can't." For once?
popgoestheworld popgoestheworld 7 years
"Maybe... but I think it's important to know what you are supporting. " I'm not sure I follow. I will admit right now that I don't fully understand all the implications of wind power. My only point is that requiring another form of energy as "back up" doesn't seem like an argument against wind power.
kranky kranky 7 years
' CG...he will raise taxes. If you make over $250K a year. When McCain/Palin go on and on about Obama raising taxes, they fail to tell you who he plans on raising taxes for. MCCain - Tax cuts for everyone. Tax cuts for Corporations. With all these tax cuts...and now this economic plan, how they heck will we get out of this 10 trillion debt? ' Again, history has shown that lowering capital gains taxes bring in more tax dollars (that is one part of his plan that generates money). AND capital gains taxes apply to EVERYONE who owns stock, regardless of their income level. I have heard (admittedly, I would have to go searching for a source...) that over 70% of Americans own stock.
dreamsugar dreamsugar 7 years
Let's not be dopes -- who EVER ends up in office will be raising taxes on someone at some point in time. Obama says he's willing to cut my taxes and that helps me quite a bit. For YEARS the rich have been getting richer off of the backs of the middle and lower class --so let them pay more taxes for once (fucken man the fuck up) -- they can afford to do so. I can't.
snowbunny11 snowbunny11 7 years
I love the wind turbines near palm springs! There is definitely plenty of room in the desert for them, and you almost get used to them being part of the landscape. The northeast is trickier, but I know they are putting some in about an hour from where I am, in the middle of nowhere basically, in WNY. NYS, etc. is not all NYC! I think wind + nuclear power is a good thing, but getting rid of nuclear waste is no joke. That is really what Obama seems worried about, and considering all the court cases, and disputes about what to do with the waste, I think it's for good cause. We don't want to take one problem (oil shortage) and replace it with another (waste surplusage). I do tend to think that it will be much easier to deal with a surplusage of waste than a shortage of oil, but these things need to be planned in advance, because figuring out what to do with the waste can be tricky!
kranky kranky 7 years
' "Plus, you need conventional power stations as back-up when wind fails anyway." I personally don't see this as a negative to wind power. I mean, if you can get even 50% of power from wind then that's better than nothing right? ' Maybe... but I think it's important to know what you are supporting. Wind power SOUNDS great, but in reality, it doesn't fulfill it's promise YET. IMO, we should invest taxpayers' dollars prudently. Maybe there's something better out there - that's why I would be more inclined to support research at this point then implementation. Does that make sense? Feel free to disagree.
dreamsugar dreamsugar 7 years
WOW -- McCain's plan does noting to help me.
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