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Obama vs. Mccain

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Submitted By lauren826
Words 1870
Pages 8
Econ 106
Economic Plan A thorough understanding of the presidential candidates’ economic plans is crucial to making an informed decision in this election. I will compare and contrast John McCain and Barack Obama’s economic plans, and discuss their views on tax relief, trade, small business, and workplace flexibility and choice. Tax relief comprises an important aspect of the presidential candidates’ economic plans. McCain will keep the top tax rate at thirty-five percent. He believes small businesses are the center of job growth and raising taxes on small businesses will hurt many workers. He plans to cut the corporate tax from thirty-five to twenty-five percent. McCain believes that a competitive corporate tax is essential to keep good jobs in the United States. He also wants to allow a first-year deduction on equipment and technology investments. McCain believes that American workers need the finest technologies to compete with international businesses. In turn, this deduction will provide an immediate increase in capital expenditure and reward investments in cutting-edge technologies. McCain will also establish a permanent tax credit equal to ten percent of wages spent on research and development. Obama has a different approach to tax relief than McCain. Obama wants to provide a $1000 emergency rebate to American families. This relief is part of Obama’s long-term plan to provide middle-class families with at least $1000 per year in permanent tax relief. He also plans to provide $50 billion to jumpstart the economy in an effort to prevent one million Americans from losing their jobs. Obama refers to his tax cut for working families as “Making Work Pay.” This program will provide a tax credit of up to $500 per person, or $1000 per working family. Obama would like to eliminate income taxes for seniors making less than $50,000. Lastly he plans

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