WASHINGTON – With Sen. John McCain unveiling a $52.5 billion package of proposals on Tuesday, both presidential candidates have now outlined their plans for addressing the economic crisis, leaving voters with a clear choice when it comes to one of the biggest challenges the next president will face.
McCain’s new plans include tax cuts on capital gains and on withdrawals from retirement accounts by people 59 and older, bigger write-offs for stock losses and a tax waiver for unemployment benefits.
Obama vows to reduce deficits, while keeping his early promises for near-universal health care coverage and more. Because oil prices have been falling, he has shelved a proposal to offset the estimated $65 billion cost of his proposed tax rebates to the middle class with a windfall-profits tax on oil companies, leaving himself an even bigger budget gap.
On retirement accounts, given the market’s drop, both candidates proposed to waive the requirement that at age 70 1/2, taxpayers had to begin withdrawing their savings.