On the economy, McCain offered gloom about the immediate situation but also an optimist’s predictions, saying the country will prosper and will be safer. McCain described his new proposals as an effort to “revive the market by attracting new investment.”
They include:
A proposal to lower the tax rate on seniors who tap their IRAs and 401(k)’s after reaching 59-and-a-half years old. Under his proposal, which he estimated would cost the government about $36 billion, the first $50,000 of withdrawals would only be taxed at the 10 percent rate, his aides said.”Retirees have suffered enough and need relief, and the surest relief is to let them keep more of their own savings,” McCain said.
For those who sell stocks at a loss, McCain would increase the amount they can deduct from $3,000 to $15,000, making it less of a burden for those who need immediate cash to survive the economic downturn, his advisers said.
Capital gains taxes would be cut in half, McCain said, for two years, from 15 percent to 7.5 percent. His aides said that would cost the federal government about $10 billion, but would provide an incentive to save and invest.
Do you think that the slide in the polls in Florida and Arizona two prime retirement locations has anything to do with his new “retirement” proposal?
Just how many proposals is that now? I have lost count. Apparently so has the McCain’s surrogates, when asked on MSNBC how much the proposal would cost a spokeswoman for McCain (damn I never could spell her name) said that “it will cost some amount of money to implement”. Glad to see the confusion is just not on my part.
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