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Economic Choices 2008 - Presidential Candidates Grid (New Economic Plans)

NBR's Presidential Candidates Grids

Quickly see where the leading presidential candidates
stand on major business issues.

All information presented here was compiled from official campaign websites
and, where applicable, official legislative websites. The information is not exhaustive.
To explore the candidates' platforms in more depth, visit their websites. Links are provided below.

New Economic Plans

In response to the financial crisis, both John McCain and Barack Obama
revised their economic plans in October 2008. This is a brief look at the major
points in these new plans.

Photo of John McCain

John McCain
U.S. Senator
(R-Arizona)
  • Cut taxes
  • End wasteful spending in Washington
  • Use more of the $700 billion rescue dollars to help homeowners and small businesses
  • Buy up bad mortgages and direct government to refinance troubled mortgages
  • Enact stricter public disclosure and accounting rules to reform the way business is done on Wall Street
  • Have Treasury Department guarantee 100% of savings accounts for six months
  • Suspend rules that require investors to sell retirement investments when they reach age of 70 1/2
  • Cut tax rate on withdrawals from retirement accounts to 10%
  • Cut capital gains tax on stocks purchased and held for more than a year from 15% to 7.5%
  • Increase the amount of capital losses investors can deduct from taxes to $15,000 for the 2008 and 1009 tax years
  • Veto pork barrel spending projects
  • Freeze spending on all but essential government programs, like defense, for one year
  • Double tax deduction for child from $3,500 to $7,000
  • Give Americans $5,000 towards the purchase of health insurance
  • Reduce federal business tax rate from 35% to 25%

johnmccain.com mccain.senate.gov

Photo of Barack Obama

Barack Obama
U.S. Senator
(D-Illinois)
  • Give businesses a jobs tax credit for each employee hired in U.S. over next two years
  • Eliminate all capital gains taxes on investments in small businesses and start-up companies
  • Fast track loan guarantees for the U.S. auto industry
  • Create a Jobs and Growth Fund states and municipalities can use for infrastructure projects
  • Give 95% of all workers a tax cut of $500 (individual) or $1000 (couple)
  • Extend unemployment benefits
  • End taxes on unemployment insurance benefits
  • Suspend rules that require investors to sell retirement investments when they reach age of 70 1/2
  • Allow investors to withdraw 15% (up to maximum of $10,000) from retirement accounts without penalty through 2009
  • Give mortgage tax credit to struggling homeowners
  • Institute a 3-month moratorium on foreclosures
  • Get Treasury Department to unfreeze markets for all types of loans
  • Create emergency lending fund to lend money directly to small businesses

barackobama.com obama.senate.gov

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