10:29 PM

McCain in Blue Bell, PA

Posted by Skye |

John and Cindy McCain at a Townhall Meeting in Blue Bell, PA

As president, I will also act to protect investors -- especially those relying on their investments for retirement. Current rules mandate that investors must begin to sell off their IRAs and 401Ks when they reach age 70 and one half years old. Those rules should be suspended to spare senior citizens from being forced to sell their stock just as the market is hurting the most. Under the emergency measure I propose, we will also cut the tax rate for withdrawals from tax-preferred retirement accounts to ten percent. Retirees have suffered enough and need relief, and the surest relief is to let them keep more of their own savings.

Senator Obama yesterday offered up a proposal that would have the effect of encouraging early withdrawal of funds from 401(k) accounts, by suspending penalties through 2009. This is an invitation to capital flight, and therefore to continued instability in the market, at a moment when exactly the opposite is needed.
Spending in Washington is out of control and I am going to rein it in. As president, I will veto the pork barrel special interest projects that are wasting your tax dollars, driving up our debt, and weakening our dollar. I have proposed a one year spending freeze with certain exceptions for such things as defense and veteran care.

While we put government back on your side, we must reform our tax system to deliver needed tax relief to working Americans, and to create jobs. I will double the child deduction, from 3,500 dollars to 7,000 dollars. Every person in America who chooses it will receive a 5,000 dollars towards the purchase of health insurance -- health plans that will be theirs to keep, even if they change jobs or move to another state. And we will reduce the federal business tax rate from 35 percent -- the second-highest in the world -- to 25 percent.

Despite the frequent changes to my opponent's tax plans in recent months -- he seems to revise them with each new poll -- his plan to raise taxes on 50% of small business income has survived. And even as he rails against companies that shut down their plants and move overseas, he refuses to cut the tax rate that drives many of these companies away.

A typical middle-class family of four making 42,000 dollars a year with health insurance will get 4,350 more dollars under my plan than they would under Senator Obama's plan. That example of 42,000 a year in wages is especially relevant, because just last year Senator Obama voted to raise taxes on individuals making that amount.

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