McCain's Economic Plan
BLUE BELL, Pa. -- Sen. John McCain (R-Ariz.) today proposed $52 billion worth of tax breaks aimed at reducing the impact of stock market losses on the nation's seniors, providing relief to the unemployed and encouraging savings.
Under his plan, unveiled as he campaigned in a suburb of Philadelphia, seniors would pay lower taxes when they tap their retirement accounts and people who sell falling stocks could write off more of their losses.
Those who are out of work would no longer be taxed on the unemployment benefits they collect. And those who make a profit by selling long-held stocks would pay only half the capital gains taxes for the next two years.
"I will help to create jobs for Americans in the most effective way a president can do this -- with tax cuts that are directed specifically to create jobs and protect your life savings," McCain said to a crowd of about 1,000 people at the Montgomery County Community College.
-- By Michael D. Shear
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