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Thread: John McCain to unveil new economic plan today

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    Elite Member Belinda's Avatar
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    Default John McCain to unveil new economic plan today

    John McCain's campaign says their candidate will outline new economic proposals today. The campaign titles the plan "the Pension and Family Security plan," and says it will "help those who are currently hurting the most" from the ongoing economic crisis, "including workers, homeowners, and seniors."

    The campaign says the new plan builds on McCain's "American Homeownership Resurgence Plan" which was introduced last week. The campaign says that proposal called for using $300 billion of the $700 billion financial bailout package passed by Congress and signed into law by President Bush to keep Americans in their homes, stop declining housing values, and stabilize the financial markets.

    The Republican nominee is expected to address the new plan at a rally he holds in suburban Philadelphia today. In a one-on-one interview Monday with CNN's Dana Bash, McCain said that "I have a positive plan, we'll bring the economy back."

    The plan calls for lower taxes on seniors tapping their retirement accounts, a suspension of tax rules that force seniors to sell their stocks in the midst of this financial crisis, an acceleration of tax write-offs for those forced to sell stocks at a loss in the current market, a reduction of capitol gains taxes for 2009 and 2010 to raise the incentive to save and invest, the purchasing of mortgages directly from homeowners and mortgage servicers and replace them with manageable and fixed rate mortgages, and an elimination of taxes on unemployment benefits.

    McCain's announcement comes one day after his rival, Democratic presidential nominee Barack Obama, announced his own proposals, which his campaign termed an "economic rescue plan for the middle class."

    The Arizona senator has his work cut out for him when it comes to the economy. The most recent CNN/Opinion Research Corporation poll suggests Americans think Obama would do a better job than McCain in dealing with the economy. Fifty-seven percent of those polled in the CNN survey said Obama would do a better job dealing with the economy, with 37 percent saying McCain would do best.

    CNN Political Ticker: All politics, all the time Blog Archive - McCain to unveil new economic plan today - Blogs from CNN.com

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    Elite Member McJag's Avatar
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    This is going to be a "tell them what ever they want to hear". Still,Obama needs to firm up his plan quickly.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Elite Member Belinda's Avatar
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    ^ Exactly. All of a sudden McCain knows how to deal with economic issues?

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    Elite Member WesCAdle's Avatar
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    It still sounds to me like he is addressing the upper income classes with his plan. How many of we middle class folks own stocks and most elderly draw from retirement plans not heavily invested in stocks anyway. More of the same old Bush BS - save the rich, who cares what happens to the rest of us! I guess only the RICH can bring the economy back. What about JOBS McShame! Oh right, that less than 1% of small business owners that earn over $250,000 who won't be paying higher taxes are going to create the million jobs we currently need.
    as privileged as a whore...victims in demand for public show, swept out through the cracks beneath the door, holier than thou, how?

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    Elite Member HWBL's Avatar
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    ^^Yeah, he knows: he's been brooding on it for 26 years, don'tcha know?
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    The plan calls for lower taxes on seniors tapping their retirement accounts, a suspension of tax rules that force seniors to sell their stocks in the midst of this financial crisis, an acceleration of tax write-offs for those forced to sell stocks at a loss in the current market

    All good ideas. Nothing wrong with Obama acknowledging that and giving the McCain campaign the credit.

    a reduction of capitol gains taxes for 2009 and 2010 to raise the incentive to save and invest

    Doesn't make a difference. Capital gains tax only comes into play when you SELL investments.

    purchasing of mortgages directly from homeowners and mortgage servicers and replace them with manageable and fixed rate mortgages

    Why does the government have to purchase the mortgages? Why not just get the banks to refinance all wonky mortgages at a fair 6% fixed rate and have the government pay the closing costs?

    elimination of taxes on unemployment benefits

    Another good idea.

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    Quote Originally Posted by WesCAdle View Post
    It still sounds to me like he is addressing the upper income classes with his plan. How many of we middle class folks own stocks and most elderly draw from retirement plans not heavily invested in stocks anyway. More of the same old Bush BS - save the rich, who cares what happens to the rest of us! I guess only the RICH can bring the economy back. What about JOBS McShame! Oh right, that less than 1% of small business owners that earn over $250,000 who won't be paying higher taxes are going to create the million jobs we currently need.
    It's not just stock portfolios this applies to. This would apply to 401(k)'s and IRA's, which are usually invested in mutual funds. In current tax law you are required to begin required minimum distributions at age 70 1/2. They would suspend that requirement for a couple of years. Otherwise people would be forced to sell shares in a down market.

    However, I don't know of a lot of people in retirement who have enough liquidity to get by for a couple of years without selling off some of their investments. There's going to be a lot of old person penny pinching in the next few years, that's for sure.

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    Elite Member WesCAdle's Avatar
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    Quote Originally Posted by hotncmom View Post
    It's not just stock portfolios this applies to. This would apply to 401(k)'s and IRA's, which are usually invested in mutual funds. In current tax law you are required to begin required minimum distributions at age 70 1/2. They would suspend that requirement for a couple of years. Otherwise people would be forced to sell shares in a down market.

    However, I don't know of a lot of people in retirement who have enough liquidity to get by for a couple of years without selling off some of their investments. There's going to be a lot of old person penny pinching in the next few years, that's for sure.
    I still don't think it applies to many middle and lower class seniors. my mom has an annuity and social security she lives off of - she also has IRA's and money markets - yet she just keeps reinvesting them rather than selling them. And she is probably more lower middle class than most, so once again I see it as a play to the wealthier seniors who own these types of plans. Sadly, the majority don't and struggle to live on SSI and pensions from old plans.
    as privileged as a whore...victims in demand for public show, swept out through the cracks beneath the door, holier than thou, how?

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    Quote Originally Posted by WesCAdle View Post
    I still don't think it applies to many middle and lower class seniors. my mom has an annuity and social security she lives off of - she also has IRA's and money markets - yet she just keeps reinvesting them rather than selling them. And she is probably more lower middle class than most, so once again I see it as a play to the wealthier seniors who own these types of plans. Sadly, the majority don't and struggle to live on SSI and pensions from old plans.
    Well, Obama has a plan for them, remember? No income tax for seniors making less than $50,000. He needs to hit that point HARD tomorrow night. He needs to also emphasize the National Tax Policy Center findings that his tax plan would result in lower taxes for most Americans.

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    Elite Member cmmdee's Avatar
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    Wait, wasn't McAmnesia supposed to do this yesterday?

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    Elite Member WesCAdle's Avatar
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    Quote Originally Posted by hotncmom View Post
    Well, Obama has a plan for them, remember? No income tax for seniors making less than $50,000. He needs to hit that point HARD tomorrow night. He needs to also emphasize the National Tax Policy Center findings that his tax plan would result in lower taxes for most Americans.

    LOL on that! I think he will do fine if he sticks to the points. McShame will be rambling off shit that may sound sweet but will have to be verified. That is what I think he plans on doing. I hope Obama takes the Huffington Posts suggestion and turns the table on him by hitting his record on keeping America safe while stating the plan he has already announces. As for Obama's plan favoring seniors, that's what my 85 year old mom and all her friends have been raving about! They all have Obama signs at their houses and pins on their sweaters. It's a howl when they get together and yell at the tv. My kids go over to watch the debates with them cause it's funnier than most sitcoms.
    as privileged as a whore...victims in demand for public show, swept out through the cracks beneath the door, holier than thou, how?

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    I ordered an Obama pin and car magnet on Oct. 1 and the order hasn't even shipped yet My local campaign office doesn't have any merchandise.

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    I'm gonna be watching the Apple unveiling of their new laptops over this.

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    Elite Member Belinda's Avatar
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    Quote Originally Posted by hotncmom View Post
    Well, Obama has a plan for them, remember? No income tax for seniors making less than $50,000. He needs to hit that point HARD tomorrow night. He needs to also emphasize the National Tax Policy Center findings that his tax plan would result in lower taxes for most Americans.
    ITA. My parents typically voted Republican but are undecided which I found surprising. They see McCain as another 4 years of Bush so I've been trying to nudge them towards Obama and emphasize the lower taxes for them.
    Last edited by Belinda; October 14th, 2008 at 10:23 AM. Reason: spelling

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    BLUE BELL, Pa. - Republican John McCain says he would order the Treasury Department to guarantee 100 percent of all savings for the next six months as president. That provision is part of a $52.5 billion plan the presidential candidate laid out to address the nation's deepening financial crisis. McCain told a suburban Philadelphia audience that "the moment requires that government act. And as president I intend to act, quickly and decisively."

    McCain also says he would eliminate taxes on unemployment benefits and reduce taxes on capital gains, individual retirement accounts and 401(k)s. McCain said President Bush's $250 billion plan to buy shares in the nation's leading banks should be short-term and last only until the institutions are reformed.

    The Republican presidential candidate's proposals come as polls showed voters turning to Democrat Barack Obama for leadership in the financial turmoil.

    Looking toward Wednesday's third and final presidential debate, Obama produced his own new plan on Monday, calling, among other ideas, for a 90-day moratorium on home mortgage foreclosures and tax breaks to businesses that create new jobs.

    more on the story: McCain proposes $52.5 billion economic plan - Decision '08 - MSNBC.com

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