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.
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the tax rate on Individual Retirement Accounts and 401(k) plans to the lowest rate (10 percent) on the first $50,000 withdrawn, a benefit the campaign estimates it will affect 9 million people over the age of 60.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?