Jump directly to the content

Who has a better plan to fix the economic mess?

As Treasury Secretary Henry Paulson announced a plan to inject $250 billion into national banks, the candidates are getting more specific with their own plans to stimulate the economy.

John McCain will release proposals that add up to $52.5 billion, following Barack Obama's proposals unveiled yesterday estimated at $60 billion, The New York Times reports.

McCain will propose the following:

-Give a lower tax rate for people 59 years and older who withdraw money from retirement plans in 2009 and 2010

-Reduce the capital gains tax on stock profits for two years by 50 percent

-Create an acceleration in the tax write-off for stock losses, allowing Americans to deduct $15,000 in losses a year for 2008 and 2009

-Place a suspension on the tax on unemployment insurance benefits in 2008 and 2009

-Buy troubled mortgages at face value and give qualified homeowners instead fixed-rate mortgages (Already proposed)

Yesterday, Obama proposed the following:

-Give a $3,000 tax credit to employers who create new jobs

-Eliminate a tax penalty for everyone to borrow from their retirement savings, eliminate income taxes on unemployment benefits, and double the government's loan guarantees for automakers

-Create a government facility to lend money to cities and states

-Place a 90-day moratorium on most home foreclosures

Related Topics:Politics
Posted:October 14, 2008 at 9:46AM
Gleanings aggregates what others are reporting. Learn more.
Recent Posts
Lecrae Brings Reformed Rap to Jimmy Fallon’s Tonight Show
Performance with The Roots will be the first by a Christian rapper on late-night TV.
James MacDonald Asks Forgiveness for Unbiblical Discipline of Harvest Bible Chapel Elders
Megachurch pastor confesses board slandered three elders as 'false messengers' last year.
Does Islam Encourage Violence More Than Other Religions?
New Pew survey examines who says yes and no.
How 727 Megachurches Spend Their Money
Leadership Network and Vanderbloemen find what determines pastor salaries (and who might be most underpaid).
Christianity Today
Who has a better plan to fix the economic mess?