1 Understanding the Proposed Economic Policies of Obama and McCainSponsored by ASP Civil Controversy
WWU Economics Department
October 6 2008
2 A Current Snapshot of the U.S. Economy
September 2008 Unemployment Rate 6.1
Nonfarm payroll employment fell 159000 in September (760000 jobs lost so far in 2008)
U6 Unemployment Rate 3 Gross Domestic Product 4 Inflation Rate 5 Credit Markets Freezing Up 6 Obama on Energy
Cap-and-trade system 2050 carbon emissions 80 below 1990 levels
150 billion over 10 years invested in clean energy
Make permanent RD tax credits for corporations and renewable energy production tax credits
7 McCain on Energy
Drill Baby Drill (maybe)!!
8 Other McCain Energy Proposals
Cap-and-trade system 2050 carbon emissions 60 below 1990 levels
Repeal tariff on imported sugar ethanol (rollback corn based ethanol mandates)
2 billion per year for developing clean coal technology
45 new nuclear plants by 2030
Plus cash prizes!
9 Obama on Health Care
Require health insurance for children
Pay or Play for employers
Targeted refundable tax credits to low-income families without access
National Health Insurance Exchange with private insurance options and a new public plan
Reduces number of uninsured by 18 million in 2009 and 34 million by 2018.
Total estimated cost 1.6 trillion (if implemented in 2009)
10 McCain on Health Care
2500 refundable tax credit to individuals 5000 to households (indexed to inflation)
End tax exemption on employer sponsored plans
Pool and subsidize high risk individuals
Total estimated cost 1.3 trillion (if implemented in 2009)
11 Comparing Coverage Levels 12 Obama on Taxes
Make Bush tax cuts (2001 2003) permanent for middle class but allow them to expire for upper class
Increase max tax rate on capital gains from 15 to 20 on those with AGI250000 (married couples) or 200000 (others)
Estate tax 3.5 million exemption and 45 rate
Eliminate income tax for poor seniors (
Expand EITC and child/dependent care tax credit
13 McCain on Taxes
Extend 2001 2003 tax cuts except for estate tax (15 5 million exemption)
Permanently adjust AMT for inflation
Cut corporate tax rate from 35 to 25
Deductions for RD and investment
Create simpler alternative tax structure
14 Comparing the Plans Average Percent Change in After-Tax Income 15 A Rising National Debt 16
Source Tax Policy Center 2008
17 Note The OMB estimates earmarks to be 16.9 billion in 2008. Current federal expenditures for 2008 are not yet available so the chart uses the 2007 value of 2880.5 billion from the BEA (the ratio is approximately one half percent i.e. 0.59). Since federal expenditures for 2008 will exceed those of 2007 this means that the area for earmarks shown in the diagram is overestimated i.e. it is larger than the true value. The NY Times also notes that earmarks ... make up less than 1 of the federal budget.. 18 Comments / Questions
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