Hi Everybody!
For those who say McCain has no Economic Plan
McCain Economic Plan
Immediate Help for American Families
Across America, families are facing economic challenges. Gas prices are
rising, mortgages are threatened, and thousands have lost their jobs.
Now is the time to act and John McCain has outlined several near-term,
tangible plans to address some of the challenges confronting Americans
today.
Helping Americans Confront Higher Living Costs:
John McCain Will Help Americans Hurting From High Gasoline And Food
Costs. Americans need relief right now from high gas prices. John McCain
will act immediately to reduce the pain of high gas prices.
John McCain Believes We Should Institute A Summer Gas Tax Holiday.
Hard-working American families are suffering from higher gasoline
prices. John McCain calls on Congress to suspend the 18.4 cent federal
gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.
John McCain Will Stop Filling The Strategic Petroleum Reserve (SPR) To
Reduce Demand. International demand for oil is bolstered by federal
purchases for the SPR. There is no reason to fill it when oil is so
expensive; the overall SPR is of adequate size, and when it places
further upward pressure on prices.
John McCain Will End Policies That Contribute To Higher Transportation
And Food Costs. Ethanol subsidies, tariff barriers and sugar quotas
drive up food prices and hurt Americans. However, we cannot take the
wrong direction and cut off trade for American goods.
Helping Americans With The Housing Crisis:
John McCain Is Proposing A New "HOME Plan" To 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.
Eligibility: Holders of a non-conventional mortgage taken after 2005 who
live in their home (primary residence only); can prove creditworthiness
at the time of the original loan; are either delinquent, in arrears on
payments, facing a reset or otherwise demonstrate that they will be
unable to continue to meet their mortgage obligations; and can meet the
terms of a new 30-year fixed-rate mortgage on the existing home.
How It Works: An individual picks up a form at any Post Office and apply
for a HOME loan. The FHA HOME Office certifies that the individual is
qualified and contacts the individual's mortgage servicer. The mortgage
servicer writes down and retires the existing loan, which is replaced by
an FHA guaranteed HOME loan from a lender.
John McCain Calls For The Immediate Formation Of A Justice Department
Mortgage Abuse Task Force. The Task Force will aggressively investigate
potential criminal wrongdoing in the mortgage industry and bring to
justice any who violated the law. The DOJ Task Force will offer
assistance to State Attorneys General who are investigating abusive
lending practices.
Keeping The Credit Crunch From Hurting College Students:
John McCain Is Proposing A Student Loan Continuity Plan. Students face
the possibility that the credit crunch will disrupt loans for the fall
semester. John McCain calls on the federal government and the 50
governors to anticipate loan problems and expand the lender-of-last
resort capabilities for each state's guarantee agency.
Pro Growth, Pro-Jobs Tax Agenda
Cutting Taxes For The Middle Class:
John McCain Will Cut Taxes For Middle Class Families. John McCain will
permanently repeal the Alternative Minimum Tax (AMT) – a tax that will
be paid nearly exclusively by 25 million middle class families.
Repealing this onerous tax will save middle class families nearly $60
billion in a single year. Under McCain's plan, a middle class family
with children set to pay the AMT will save an average of over $2,700 – a
real tax cut for working families.
John McCain Will Double The Personal Exemption For Dependents. John
McCain believes the tax code should be less of a burden on those,
whether they are mothers and fathers or single parents, who are trying
to raise a family. He proposes to raise the personal exemption for each
dependent from $3,500 to $7,000.
Pro-Growth Tax Policy:
John McCain Will Keep Tax Rates Low. Entrepreneurs are at the heart of
American innovation, growth and prosperity. They create the ultimate job
security – a new, better opportunity if your current job goes away.
Entrepreneurs should not be taxed into submission.
John McCain Will Maintain The Current Income And Investment Tax Rates
And Fight The Democrats' Plans For A Crippling Tax Increase In 2011.
Left to their devices, Democrats will impose a massive $100 billion tax
hike, almost $700 per taxpayer every year. John McCain has also long
sought permanent and immediate reform of the estate tax, and supports
raising the exemption from taxation on estates up to $10 million while
cutting the tax rate to 15 percent.
John McCain Will Make It Harder To Raise Taxes. John McCain believes it
should require a 3/5 majority vote in Congress to raise taxes.
John McCain Will Reward Saving, Investment And Risk-Taking. Low taxes on
dividends and capital gains promote saving, channel investment dollars
to innovative, high-value uses and not wasteful financial planning. John
McCain will keep the current rates on dividends and capital gains and
fight anti-growth efforts by Democrats.
John McCain Will Improve Business Investment Incentives. John McCain
proposes to permit corporations to immediately deduct the cost of
equipment investment, providing a valuable pro-growth investment
incentive. Expensing of equipment and technology will provide an
immediate boost to capital expenditures and reward investments in
cutting-edge technologies.
Tax Cuts On American Employers:
John McCain Will Reduce The Federal Corporate Tax Rate To 25 Percent
From 35 Percent. John McCain believes the taxes we impose on American
companies should be no higher than the average rate our major trading
partners impose on theirs. We currently have the second-highest combined
corporate-tax rate in the industrialized world, and it is driving many
businesses and the jobs they create overseas.
Pro-Innovation Tax Cuts:
John McCain Will Ban Internet Taxes. John McCain has been a leader in
keeping the Internet free of taxes. As President, he will seek a
permanent ban on taxes that threaten this engine of economic growth and
prosperity.
John McCain Will Ban New Cell Phone Taxes. John McCain understands that
the same people that would tax e-mail will tax every text message – and
even 911 calls. John McCain will prohibit new cellular telephone taxes.
John McCain Will Establish Permanent Tax Credit Equal To 10 Percent Of
Wages Spent On R&D. This reform will simplify the tax code, reward
activity in the U.S., and make us more competitive with other countries.
A permanent credit will provide an incentive to innovate and remove
uncertainty. At a time when our companies need to be more competitive,
we need to provide a permanent incentive to innovate, and remove the
uncertainty now hanging over businesses as they make R&D investment
decisions.
Retirement Tax Cut:
John McCain Will Act To Lower Medicare Premiums. Seniors face a growing
threat from higher Medicare premiums that tax away their Social Security
and retirement savings. John McCain has proposed comprehensive,
pro-market health care and Medicare reforms to reduce health care costs
and control increases in premiums – while delivering high-quality health
care.
A Real Choice For Simpler Taxes:
John McCain Will Propose An Alternative New And Simpler Tax System – And
Give America A Real Choice. When this reform is enacted, all who wish to
stay under the current system could still do so, but everyone else could
choose a vastly less complicated system with two tax rates and a
generous standard deduction. Americans do not resent paying their
rightful share of taxes – what they do resent is being subjected to
thousands of pages of needless and often irrational rules and demands
from the IRS.
Reforming Washington
Eliminating Wasteful Spending:
John McCain Will Stop Earmarks, Pork-Barrel Spending, And Waste. He will
veto every pork-laden spending bill and make their authors famous. As
President, he will seek the line-item veto to reduce waste and eliminate
earmarks that have led to corruption. Unlike Senators Clinton and Obama
who have sought a nearly combined $3 billion in earmarks, John McCain
has a clear record of not asking for earmarks. Earmarks restrict
America's ability to address genuine national priorities and interfere
with fair, competitive markets.
John McCain Proposes A One-Year Spending Pause To Evaluate Programs. He
believes that outside of essential military and veterans programs there
should be a one-year pause in discretionary spending growth that should
be used for a top-to-bottom review of the effectiveness of federal programs.
John McCain Has The Leadership And Courage To Make The Right Spending
Choices. Reduced spending means making choices. John McCain will not
leave office without balancing the federal budget. He will not do it
with smoke and mirrors. When he leaves office, he wants to leave a
budget that stays balanced after he is gone, and can weather the
occasional downturn and unexpected contingency. John McCain will provide
the courageous leadership necessary to control spending, including:
Eliminate Broken Government Programs. The federal government itself
admits that one in five programs do not perform.
Reform Our Civil Service System To Promote Accountability And Good
Performance In Our Federal Workforce.
Eliminating Earmarks, Wasteful Subsidies And Pork-Barrel Spending.
Reform Procurement Programs And Cut Wasteful Spending In Defense And
Non-Defense Programs.
Budgetary Reform To Give Tax Cuts A Fair Chance:
John McCain Will Reform Budgeting To Treat Equally Spending And Taxes
And To Stop Damaging Tax Hikes. Congress has unfairly stacked the deck
to spend more and raise taxes. If a spending program is on the books,
budgets assume that it is on the books forever – and continues to grow –
even if the law says it expires. If low taxes are on the books, budgets
don't assume that they last forever. When they expire, those taxes are
automatically raised.
Reforming Entitlement Programs For The 21st Century:
John McCain Will Reform Social Security. He will fight to save the
future of Social Security while meeting our obligations to the retirees
of today and the future without raising taxes. John McCain supports
supplementing the current Social Security system with personal accounts
– but not as a substitute for addressing benefit promises that cannot be
kept. He will reach across the aisle, but if the Democrats do not act,
he will. John McCain will not leave office without fixing the problems
that threatens our future prosperity.
John McCain Will Act To Control Medicare Growth. The growth of spending
on Medicare threatens our fiscal future. John McCain has proposed
comprehensive health care reforms that will reduce the growth in
Medicare spending, protect seniors against rising Medicare premium
payments, and preserve the advancements in medical science central to
providing quality care.
John McCain Believes That We Should Not Subsidize The Prescription Drugs
Of America’s Most Affluent Individuals. He will propose reforms to
reduce the large subsidies in the Medicare drug program.
Promoting Trade and Competitiveness
John McCain Will Lower Barriers To Trade. Ninety-five percent of the
world's customers lie outside our borders and we need to be at the table
when the rules for access to those markets are written. To do so, the
U.S. should engage in multilateral, regional and bilateral efforts to
reduce barriers to trade, level the global playing field and build
effective enforcement of global trading rules. These steps would also
strengthen the U.S. dollar and help to control the rising cost of living
that hurts our families.
John McCain Will Act To Make American Workers More Competitive. We must
prepare the next generation of workers by making American education
worthy of the promise we make to our children and ourselves. We must be
a nation committed to competitiveness and opportunity. We must fight for
the ability of all students to have access to any school of demonstrated
excellence. We must place parents and children at the center of the
education process, empowering parents by greatly expanding the ability
of parents to choose among schools for their children.
Bolstering Job Security and Assisting Displaced Workers
Reforming The Unemployment Insurance (UI) System:
John McCain Believes We Should Have A Single, Seamless Approach To Job
Transition Assistance. The UI system must be more effective in helping
those who have lost a job. John McCain will modernize and transform our
current programs by consolidating redundant federal programs,
strengthening community colleges and technical training and giving
displaced workers more choices to find their way back to productive and
prosperous lives.
John McCain Will Reform The UI System So That A Portion Of Each Worker's
Unemployment Insurance Tax Is Deposited Into A Lost Earnings Buffer
Account (LEB). If an individual becomes unemployed, the LEB may be used
to cover needed expenses, with a backstop of traditional UI if the
account is exhausted before 26 weeks. Workers will have an incentive to
preserve their LEB by getting back to work quickly, and may be eligible
for a re-employment bonus if they get a new job quickly. The LEB will be
portable, and upon retirement, the property of the worker.
John McCain Will Reform Training Programs To Provide Quick Assistance To
Workers Seeking New Skills. Workers will have access to a flexible
training account that permits them to pay for training at a community
college and use leftover funds to keep their health insurance.
John McCain Will Provide Special, Targeted Assistance For Older Workers.
Because training is often inefficient for older workers, those 55 years
of age and older who have built up an LEB will be eligible for a Lost
Earnings Supplement. The supplement of up to 50 percent of their
earnings loss (up to a maximum of $10,000) for two years will be
rewarded for those who find work inside 26 weeks.
--
Regards,
Pete
http://pete-theisen.com/
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