The McCain-Palin Tax and Economic Plan

The election is right around the corner! In less than 10 days, Americans will head to the polls. It is expected that more Americans will vote than in any other election. I guess we can conclude it is because things are tough in America, and they are probably going to get tougher.

In making a decision on who to vote for, I think it is important to understand what John McCain's plan is for the Economy. I believe that besides Healthcare and the Mortgage crisis, the economy is the biggest issue for Americans. How will John McCain's plan help the U.S. economy? Below are high level measures that McCain and Palin plan on using to reserve the slide of the U.S. economy.

According to John McCain and Sara Palin, the McCain Tax and Economy plan is a comprehensive approach that will create millions of good American jobs, ensure our nation's energy security, get the government budget and spending practices in order, and finally, bring relief to American consumers. Read each of the sections below to learn how the McCain Economic Plan will help bring reform, prosperity and peace to America. Here is his plan for the economy:


WORKPLACE FLEXIBILITY
McCain understands that the family structure has changed over the years, and we must react to this change by providing resources and monetary incentives to help balance the demand of family life and jobs. His plan calls for continued support of the Family Medical Leave Act of 1993, the Family Friendly Workplace Act.

He also believes in a National Commission on Workplace Flexibility and Choice that would bring both political parties together to recommend changes on how to modernize the nation's labor laws that preserves the balance between home life and work. Here are some specifics of his idea:


RELIEF FOR FAMILIES
John's plan calls for providing American families immediately relief from high gas and food costs. In addition his plan is to increase competition of alternative fuels and send a clear message to the big oil companies and oil speculators of his intentions to get the U.S. off fossil-fuels. He also plans to introduce policies to raise the value of the U.S. dollar, which makes importing cheaper.

John's plan also addresses the sub-prime mortgage and financially related principles. Some specifics of the plan include:

• No taxpayer money should bail out real estate speculators or financial market participants who failed to perform due diligence in assessing credit risks.
• Any policy of financial assistance should be accompanied by reforms that promote greater transparency and accountability to ensure we never face this problem again.
• One creative idea he calls his "HOME Plan". The idea to provide American family or homeowner the ability to trade in their burdensome mortgage for a manageable loan that reflects their home's market value. According to John, his HOME plan will keep 200,000 To 400,000 families from losing their homes. To apply for the plan, homeowners fill out a from and submit it the FHA office. The FHA HOME Office certifies that the individual is qualified, and contacts the individual's mortgage servicer. The mortgage servicer writes down and retires the existing loan, which is replaced by an FHA guaranteed HOME loan from a lender
• John McCain also proposes to provide financial aid continuity to students.

REFORM
John McCain will balance the budget by the end of his first term. The near-term path to balance is built on three principles:

• Reasonable economic growth.
• Comprehensive spending controls.
• Bi-partisanship in budget efforts

In the long-term, the only way to keep the budget balanced is successful reform of the large spending pressures in Social Security, Medicare, and Medicaid. Here are more specifics:

• Low individual tax rates - sole-proprietorships, partnerships, landlords and others are taxed under the individual income tax.
• Access to capital from low tax rates on dividends and capital gains.
• Minimizing expensive mandates
• Enhancing international competitiveness to keep jobs here; not abroad by having a lower corporate tax rate, improving investment and research initiatives and balancing the budget.

Here are his ideas on Spending Controls:

• Reserve all savings from victory in the Iraq and Afghanistan operations in the fight against Islamic extremists for reducing the deficit. Since all their costs were financed with deficit spending, all their savings must go to deficit reduction.
• A one-year spending pause. Freeze non-defense, non-veterans discretionary spending for a year and use those savings for deficit reduction.
• Bi-partisan Fiscal Discipline

SUPPORTING SMALL BUSINESSES
John's Lexington Project will address the rising costs of energy that are hurting small businesses. He strongly supports increased domestic exploration of oil and natural gas.

The Project calls for building 45 new nuclear power plants by 2030. This will also create 700,000 jobs. It will earmark $2 billion annually to research alternative energy sources.

His plan for supporting small businesses also includes providing $5,000 for health insurance to every American family, and supporting small businesses that seek to offer insurance.

• Cutting the Corporate Tax Rate From 35 To 25 Percent will keep jobs in America
• Allow First-Year Deduction, Or "Expensing", Of Equipment And Technology Investments:
• John McCain proposes reducing the Estate Tax rate to 15 percent and permit a generous $10 million exemption.

CHEAP, CLEAN, SECURE ENERGY
John's plan for clean, cheap and secure energy for America include:

• Transforming electricity by building new nuclear power parts
• Commiting $2 billion annually to advancing clean coal technologies.
• Encouraging the market for alternative, low carbon fuels such as wind, hydro and solar power.
• Expanding domestic oil and natural gas exploration. We have trillions of dollars worth of oil and gas reserves in the U.S. at a time we are exporting hundreds of billions of dollars a year overseas to buy energy.
• Proposing a $300 million prize to improve battery technology for full commercial development of plug-in hybrid and fully electric automobiles.
• Promotigng clean cars and increase the use of Flex-Fuel Vehicles. He also calls for more alternative fuels.

HEALTH CARE REFORMS
Here are John's plan for better health care, for a lower cost, for every American:

• Cheaper Drugs - promote generic drugs
• Emphasize prevention, early intervention and healthy habits to reduce chronic disease and reduce health care costs
• Greater Access And Convenience by promoting greater access through walk-in clinics in retail outlets.
• Reform the payment systems in Medicaid and Medicare to compensate providers for diagnosis, prevention and care coordination.
• Promote the availability of smoking cessation programs.

TAXES
The McCain-Palin plan calls for making taxes simple, fair and competitive. Here are more specifics on his plan:

• Establish a Pro-Growth Tax Policy
• Keep Tax Rates Low:
• Cut The Corporate Tax Rate From 35 To 25 Percent:
• Allow First-Year Deduction, Or "Expensing", Of Equipment And Technology Investments
• Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D: This reform will simplify the tax code, reward activity in the United States, and make us more competitive with other countries.nt ban on taxes that threaten this engine of economic growth and prosperity.

TRADE
Here is the republican plan on Trade:

• Lower Barriers to Trade
• John McCain believes the U.S. should engage in multilateral, regional and bilateral efforts to reduce barriers to trade, level the global playing field and build effective enforcement of global trading rules.
• Prepare American Workers so they be competitive in the global work place
• John McCain will overhaul unemployment insurance and make it a program for retraining, relocating and assisting workers who have lost a job.

CONCLUSION
The John McCain plan for economic growth addresses the issues and topics that all Americans face. I hope this unbiased, independent viewpoint will help you make an informed decision on your voting preference in the U.S. election.