Democrats SUCK!

Today, Senator John McCain introduced an economic plan for when he becomes president. The plan is called “The The Pension and Family Security Plan.” It includes some items for senior citizens, savers, investors, homeowners and the unemployed.

For senior citizens, it includes lower taxes on withdrawals from retirement accounts and calls for a suspension of tax rules that force them to sell their stocks during this financial crisis.

The plan also offers two items for savers and investors. It will allow the acceleration of tax write-offs for those forced to sell at a loss in the current market and will reduce capital gains taxes for 2009 and 2010 to raise the incentive to save and invest. The latter of these two is particularly interesting since it will encourage buying of stocks at their current lows since the gains will be taxed at a lower rate once profits are realized.

McCain’s plan would also purchase mortgages from homeowners and mortgage servicers and replace them with fixed-rate FHA mortgages that are more manageable. This would affect millions of homeowners that currently have mortgages that exceed the value of their homes or who are currently delinquent with their mortgage. According to johnmccain.com, there are 3.1 million delinquent or in default mortgages and 11.8 million underwater mortgages.

The last element of the plan eliminates taxes on unemployment benefits. McCain believes that this would yield most unemployed Americans earning less than $100,000 a year, a ten percent savings.

I applaud this new plan, since it offers a bailout for those who are the biggest victims of the current financial crisis.