Obama, McCain's plans for your money
TAX CUTS? | A little something for everyone?
John McCain weighed in with his emergency economic plan Tuesday. His prescription for getting Americans through the economic crisis: Lowering the capital gains tax.
McCain also would let seniors withdraw from their 401(k) retirement plans at a 10 percent tax rate.
(AP)
"We must restore trust to our financial system," McCain said Tuesday in Blue Bell, Pa.
McCain's plan followed Obama's proposal Monday for helping Americans through the economic crisis. Both men unveiled their tax-reform plans months ago, and this week's additions compliment those plans.
Obama proposed a $3,000 tax credits for businesses that create new jobs. He also proposed letting people withdraw from retirement accounts without penalty for the next two years.
"I know folks are worried. But I also know this: We can steer ourselves out of this crisis," Obama said in Toledo on Monday.
Obama adviser Austan Goolsbee criticized McCain's plan Tuesday, saying, "Whenever there's trouble, they say, 'Let's cut taxes for the highest-income people in America and the biggest corporations.' "
But McCain told supporters not to believe Obama's promise only to raise taxes on the rich.