In an effort to seize the initiative in tackling the nation’s financial troubles, John McCain on Tuesday outlined a $52.5-billion package of new tax breaks that he said would stimulate the economy and ease the money problems of many Americans.
Aiming his pitch largely at senior citizens who could be crucial swing voters in states with older populations such as Pennsylvania, McCain said he would lower the tax rate on their withdrawals from retirement accounts to 10% this year and next.
The Republican presidential nominee also proposed cutting the capital gains tax in half for two years, suspending taxes on unemployment benefits for workers making less than $100,000, and ordering the Treasury Department to guarantee 100% of Americans’ savings for six months to calm fears of bank failures.
“If I am elected president, I will help to create jobs for Americans in the most effective way a president can do this — with tax cuts that are directed specifically to create jobs and to protect your life savings,” he told a cheering crowd of about 1,000 in the gymnasium of a community college here in the Philadelphia suburbs.
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