There are five days left until Election Day, and we here at ShAARP Session thought it appropriate to conduct a little countdown while we're impatiently awaiting for the big day to arrive.
Each day, we'll give you a different issue and where the candidates stand. And what better than to start today with what seems to be the most important issue of late that's plaguing all of our minds? That's right folks - the economy.
- The economic rescue plan should entail lowering the tax rate on people who tap their 401(k)s and IRAs after reaching age 59½, increasing allowable tax deduction from $3,000 to $15,000 for selling stocks at a loss, and cutting capital gains taxes from 15 percent to 7.5 percent for two years.
- He aims to balance the federal budget by 2013, which will be done by freezing nondefense, nonveterans discretionary spending for a year; cutting or vetoing all earmarks spending for one year; hence, providing more resources for coordinated job-training programs.
- Lastly, he's for promoting more free trade with better enforcement to ensure that the U.S. gets a fair shake.
And here's Obama:
- The economic crisis plan should include creating a foreclosure prevention fund to help secure the housing market, allow penalty-free withdrawals of up to $10,000 from IRAs and 401(k)s in tax years 2008 and 2009, and give a $3,000 business tax credit for each new job creating in the U.S. in 2009-2010.
- He plans to increase the minimum wage and strengthen the right to union organizing.
- He wants to expand career retraining and financial assistance features of trade-adjustment assistance to service industries and offer assistance to workers in economic sectors vulnerable to dislocation.
- He wants to create a National Infrastructure Reinvestment Bank which would invest $60 billion over the next 10 years to rebuild roads, bridges and sewer and water systems, and in effect, create new jobs.
Both candidates have been adamant in saying there are serious differences in their plans on the domestic and global economy, which you can obviously see here. And when the winner is announced on Tuesday, it'll be our job to hold them to their promise to begin lifting our economy out of its hole.
Stay tuned for tomorrow's countdown issue!