ShareThisHighlights of the candidates' economic proposals:TaxesJohn McCain: Would extend all Bush income tax cuts. Would lower corporate tax rate and maintain current capital gains rate. Would offer tax credit of up $5,000 for those buying health insurance. Would ban Internet taxes. Barack Obama: Supports ending Bush income tax cuts for households with income above $250,000. Would offer tax credit up to $1,000 to middle-class households and eliminate taxes on seniors making less than $50,000. Would raise top rate on capital gains.SpendingMcCain: Would institute a one-year freeze on nonmilitary discretionary spending. Would veto earmarks. Would provide $7 billion to $10 billion in subsidies to state health insurance pools for high-risk patients.Obama: Would spend $15 billion annually on alternative energy development and $18 billion on education. Would cut earmarks to 2001 levels and end subsidies to the oil and gas industry. Budget deficitMcCain: Would balance the budget by 2013 by boosting economic growth and clamping down on spending. Would work with Congress on a bipartisan deficit reduction plan.Obama: Seeks to reduce the deficit by raising taxes on wealthy, cutting special interest spending, closing corporate tax loopholes and ending Iraq war. Supports pay-as-you-go rules that require new spending or tax cuts to be paid for by new revenue or cuts in other programs.Social Security, MedicareMcCain: Would supplement Social Security with private accounts. Says reform of the programs is needed to address long-term budget deficit. Opposes payroll tax increases.Obama: Opposes benefit cuts or privatization. Seeks greater efficiencies and cuts in subsidies to Medicare providers. Would impose payroll tax on earnings above $250,000. TradeMcCain: Believes globalization is an opportunity for Americans and supports initiatives to reduce trade barriers.Obama: Supports free trade agreements only if they include protections for labor and the environment.HousingMcCain: Would encourage lenders to refinance responsible subprime mortgage borrowers who can't afford existing loans.Obama: Would create fund to help homeowners avoid foreclosures. Sources: Brookings Institution, Tax Policy Center, Obama for America, John McCain 2008(Distributed by Scripps Howard News Service, http://www.scrippsnews.com)
Where McCain, Obama stand on key economic issues
Paying taxes unites us. It also divides us. People can pay five and even six times more in state and local taxes than other folks in similar circumstances making similar incomes.
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