The candidates for U.S. presidency, John McCain and Barack Obama, this week presented new proposals for economic recovery in the United States, while the authorities try to control the current government a financial crisis that is spreading across the planet. Below is a summary of their projects.
The Republican John McCain proposed a plan with expenditures of $ 52.5 billion, which provides:
- Use $ 300 billion from U.S. $ 700 billion financial rescue package of newly approved to buy delinquent mortgages and replace them with funds with fixed interest.
- Reduce by 10% in the next two years, the tax on the first $ 50 thousand in withdrawals from pension plans. Currently, these withdrawals are charged according to the normal rate of Income Tax, with rates of 10% to 35%.
- Suspend the rules requiring the top of withdrawals of funds within six months of receiving the complete 70 years.
- Increase of U.S. $ 3 to $ 15 thousand to loss of capital through the sale of shares and other securities that can be deducted from taxes.
- Reduce from 15% to 7.5% over two years, the roof of the capital gains tax rate for long-term.
- Exempt from taxes for two years the benefits for the unemployed.
In turn, Democrat Barack Obama proposes a package of $ 60 billion, which provides:
- Giving companies tax credit of $ 3000 U.S. dollars per job created full-time in the U.S. for two years.
- Allow small businesses immediately deduct up to 250 thousand dollars in spending for new equipment and goods that are made by the end of 2009. The stimulus package approved this year limiting the benefit only until the end of 2008.
- Eliminating taxes on capital gains arising from investments in small businesses.
- Providing immediate $ 25 billion to build and reform of bridges, roads, schools and other works of infrastructure.
- Providing $ 50 billion in loan guarantees, and keep open other options to help the automotive sector to develop a new generation of more economical cars. The Congress offered 25 billion dollars.
- Grant a permanent exemption to $ 500 for most workers, and $ 1 mil to families. Eliminate taxes for senior citizens who earn up to $ 50 grand a year.
- Expand the unemployment-insurance for chronically unemployed, who would no longer entitled to benefit. Temporarily suspend taxes on those benefits.
- Authorize temporarily, without penalty, withdrawals of up to 15% (with a limit of $ 10 thousand) of Provident accounts with tax advantages.
- Suspend the rules requiring the top of withdrawals of funds within six months of receiving the complete 70 years.
- Increase the value of aid-heating.
- Directing the Secretaries of Treasury and Housing and Urban Development to use its authority to demand better terms in real estate financing.
- Reforming the law on bankruptcy to help borrowers and encouraging refinancing.
- Implement a moratorium of 90 days in the actions of eviction for borrowers to demonstrate good faith to pay its debts.
- Provide $ 25 billion to states to help them cope with the crisis without increasing the IPTU or reduce public services.
- Provide a tax credit of 10%, paid in return for the interest of property taxpayers who do simplified declaration.
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