Yahoo! Finance wrote a nice article comparing key economic proposals from McCain and Obama. The following is some of the economic proposals from McCain and Obama:
| McCain | Obama |
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- Slow growth in Social Security, Medicare and Medicaid spending.
- Eliminate funds for pet projects, known as earmarks.
- Help pay for tax cuts by creating new jobs in the clean energy sector and developing new automotive technologies, which in turn will boost economic growth.
- Tax withdrawals of up to $50,000 from IRAs and 401(k)s at 10% in 2008 and 2009.
- Reduce capital gains tax to 7.5% from 15% for two years.
- Buy bad mortgages and renegotiate loan terms based on current value of home. Convert failing mortgages into low-interest, FHA-insured loans.
- Increase capital requirements on financial institutions.
- Increase transparency of complex financial instruments.
- Wants to clarify and unify regulatory authority of financial institutions, including the mortgage insurers.
- Spur economy and job growth by cutting corporate tax rate and temporarily lowering current rates on dividends and capital gains.
- Require companies to automatically enroll their employees in retirement plans they offer.
- Speed introduction of "flex-fuel vehicles" that can run on ethanol blends and gasoline.
- Eliminate a current tax break for oil companies, but lower corporate taxes across the board.
- Permanently repeal the Alternative Minimum Tax, the so-called "wealth tax" that threatens the middle class.
- Reduce corporate tax rate to 25% from 35%.
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- Help pay for new proposals by drawing down troops in Iraq war, raising taxes on high-income filers and cutting certain corporate loopholes.
- Give temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United States.
- Require financial institutions participating in bailout to put a 90-day moratorium on foreclosures for homeowners "acting in good faith."
- Impose liquidity and capital requirements on investment banks.
- Either nationalize or privatize giant mortgage companies.
- Establish a database of censured or debarred mortgage professionals, so borrowers can easily check the credentials of lenders.
- Raise minimum wage to $9.50 an hour by 2011 and tie future rises to inflation.
- Set up $60 billion infrastructure investment bank to help fund public works. Also, create a $25 billion emergency Jobs and Growth Fund to fund other infrastructure projects.
- Give a temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United States.
- Require companies to automatically enroll their employees in 401(k)s or IRAs.
- Provide a federally funded match on retirement savings for families earning below $75,000.
- Tax oil profits and use the money to help fund $1,000 rebate checks for consumers hit by high energy costs.
- Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.
- Create a $10 billion fund to help victims of predatory loans.
- Provide $1,000 tax cut for working couples making less than $250,000.
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