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Economic Rescue Plan Proposals by Presidential Candidates - - - - - - - John McCain & Barack Obama

October 30th, 2008
Baby Boomers have concerns about the Economic Rescue Plan. Here are Proposals by the Presidential Candidates - Sen. John McCain & Sen. Barack Obama.

If you're the Ships Captain, its Investors or Manufactures - we're here to rescue you.

ECONOMIC RESCUE PLAN (Rescue or Bailout)

Congressional leaders and the White House agreed to a $700 billion rescue of the ailing financial industry. The biggest U.S. bailout in history won the tentative support of both presidential candidates -Sen. John McCain & Sen. Barack Obama.

Baby Boomers have concerns about the Economic Rescue Plan as we consider who we are going to vote for in the 2008 presidential campaign.

Here are Proposals by the Presidential Candidates -
Sen. John McCain & Sen. Barack Obama.

John McCain:
“The moment requires that government act. And as president I intend to act, quickly and decisively.”

McCain's  Proposals:
• Having the government buy up bad home loan mortgages and renegotiate them with homeowners at the new—lower—value.
• Lowering the tax rate on people who tap their 401(k)s and IRAs after reaching age 59½.
• Increasing allowable tax deduction from $3,000 to $15,000 for selling stocks at a loss.
• Cutting capital gains taxes from 15 percent to 7.5 percent for two years.
• Eliminating taxes on unemployment benefits of those who are looking for work and have annual income under $100,000.

Barack Obama:
“At this rate, the question isn’t just ‘Are you better off than you were four years ago?’ It’s ‘Are you better off than you were four weeks ago?’ We face an immediate economic emergency that requires urgent action.”

Obama's Proposals:
• Establishing a foreclosure prevention fund to help stabilize the housing market.
• Allowing penalty-free withdrawals of up to $10,000 from IRAs and 401(k)s in tax years 2008 and 2009.
• Providing a $3,000 business tax credit for every new full-time job created in the United States in 2009-10.
• Requiring that banks benefiting from the federally funded rescue plan provide a 90-day moratorium on foreclosures to give homeowners time to work out a payment plan.
• Empowering the Federal Reserve to provide short-term loans to state and local governments caught in a credit crunch.

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