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The Issues: Part One; The Economy

I don’t claim to be an expert on this subject, or any subject. My knowledge is barely rudimentary compared to the experts. All I am doing here is trying to portray the candidiate’s policy. This is as unbiased as I can get.

Barack Obama

Barack Obama claims that he will cut taxes for Americans making less than 250,000 dollars and raise taxes on citizens making more than 250,000 dollars. If you check his tax plan, he says nothing about these plans; I’m not sure why that is. His plan does say that he will eliminate taxes on seniors making less than 50,000 dollars. Though no specifics, Obama plans to reduce the tax code to a 5 min form. Somebody let me know if that is possible.

Obama’s plan states that he will reward buisnesses with American headquarters. Cost: Unknown

The plan says Obama will pay 150 Billion to advance alternative energy. He will enact a standard requiring 25% of American energy coming from renewable resources.

Obama says he… (cough)…we…will pay $250 mil a year to increase the size and amount of incubators throughout the country. He will also give a $500 tax credit to almost every worker in America (no details on how he will make that distinction). He plans to raise the minimum wage, no details on how much it would be raised by.

His Presidency, according to the plan, would bring a standardised score for homeowners to use that will help them compare the full cost of the loan. Obama says he will work to close loopholes on mortgage companies (no details). Bankruptcy will be reformed (his words) under Obama. Exemptions will be created for those who file bankruptcy because of medical reasons.

 John McCain

John McCain plans to keep the top tax rates at 35% and the dividends and capital gains rates at 15%. The corporate tax rates will be dropped from 35% to 25%. McCain opposes any taxes on the Internet or cell phone usage.

McCain states that he will modernize our unemployment insurance. The plan states that he will turn it into a program “for retraining, relocating and assisting workers who have lost a job.”

To ease the pain at the pump, McCain plans on instituting a federal gas tax holiday from Memorial day to Labor Day. His plan states that he will repeal the 54¢ per gallon tax on imported sugar based ethanol, and will roll back corn based ethanol mandates.

McCain proposes a new “HOME” plan that will provide “robust, timely and targeted help to those hurt by the housing crisis. Under his HOME Plan, every deserving American family or homeowner will be afforded the opportunity to trade a burdensome mortgage for a manageable loan that reflects their home’s market value.” I suggest that you read about this plan at his page.

McCain says that he will bring the budget to balance by 2013, relying on economic growth, spending control, and bi-partisan budget efforts. To make this balance last, he will have to reform Social Security, Medicare, and Medicaid. McCain states that he will veto every pork-barrel bill and “make their authors famous.” He insists that he will eliminate bad government programs and cut unnecessary defense spending. His administration will hold the spending growth at 2.4% during his terms.

I hope that anyone reading this will go to, the candidate’s website (McCain’s) (Obama’s), or some other trusted source and check out where the candidate stands for themselves. Fact check me. Political Blogger Alliance


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