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<< Previous   of   Next >>   ADVERTISEMENT   Related Stories • McCain, Obama try to seize economy issue 9/16/08 • Economists take critical view of candidates' health plans 9/16/08   CONTACT THE HERALD Do you have a news tip? newstips@heraldnet.com | 425.339.3400   Published: Tuesday, September 16, 2008 Highlights of candidates' proposals for economy Scripps Howard News Service Highlights of the candidates' economic proposals: Taxes Sen. John McCain: Would extend all Bush income tax cuts. Would lower corporate tax rate and maintain current capital gains rate. Would offer tax credit of up $5,000 for those buying health insurance. Would ban Internet taxes. Sen. Barack Obama: Supports ending Bush income tax cuts for households with income above $250,000. Would offer tax credit up to $1,000 to middle-class households and eliminate taxes on seniors making less than $50,000. Would raise top rate on capital gains. Spending McCain: Would institute a one-year freeze on nonmilitary discretionary spending. Would veto earmarks. Would provide $7 billion to $10 billion in subsidies to state health insurance pools for high-risk patients. Obama: Would spend $15 billion annually on alternative energy development and $18 billion on education. Would cut earmarks to 2001 levels and end subsidies to the oil and gas industry. Budget deficit McCain: Would balance the budget by 2013 by boosting economic growth and clamping down on spending. Would work with Congress on a bipartisan deficit reduction plan. Obama: Seeks to reduce the deficit by raising taxes on wealthy, cutting special interest spending, closing corporate tax loopholes and ending Iraq war. Supports pay-as-you-go rules that require new spending or tax cuts to be paid for by new revenue or cuts in other programs. Social Security, Medicare McCain: Would supplement Social Security with private accounts. Says reform of the programs is needed to address long-term budget deficit. Opposes payroll tax increases. Obama: Opposes benefit cuts or privatization. Seeks greater efficiencies and cuts in subsidies to Medicare providers. Would impose payroll tax on earnings above $250,000. Trade McCain: Believes globalization is an opportunity for Americans and supports initiatives to reduce trade barriers. Obama: Supports free-trade agreements only if they include protections for labor and the environment. Housing McCain: Would encourage lenders to refinance responsible subprime mortgage borrowers who can't afford existing loans. Obama: Would create fund to help homeowners avoid foreclosures. Sources include the Brookings Institution, Tax Policy Center, Obama for America and John McCain 2008. READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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