WASHINGTON — The presumptive presidential nominees, Sens. Barack Obama (D., Ill.) and John McCain (R., Ariz.), have unveiled economic policy plans in recent weeks. The following is a snapshot of some of their policies.
Obama’s Economic Plan
• A second round of tax rebate checks to help families offset rising food and gasoline prices. The plan would provide $500 for an individual and $1,000 for a married couple. It would be funded by a new “windfall profits tax” on oil companies.
• A separate $50 billion stimulus package, $25 billion of which would be dedicated to a “Jobs and Growth Fund” to boost the highway trust fund, prevent cutbacks in road and bridge maintenance, and preserve onemillion jobs.
• Eliminate President Bush’s tax cuts for those with incomes above $250,000.
• Require most employers to provide health care to workers or pay into a national health care plan.
• Increase the minimum wage to $9.50 an hour by 2011 and index it to inflation. The minimum wage already is set to increase to $7.25 on July 24, 2009.
• Scrutinize existing trade deals, require stronger enforcement against countries’ illegal trade practices, including currency manipulation — a charge levied largely at China — and reassess the North American Free Trade Agreement. Oppose pending free trade deals with Colombia and South Korea. Support an expansion and reform of the Trade Adjustment Assistance program that gives aid to workers who lose their jobs because of international trade.
McCain’s Economic Plan
• Make permanent Bush’s tax cuts that expire in 2010.
• Major cuts in federal spending programs. Would have a one-year spending pause — freeze non-defense, non-veteran discretionary spending for a year and use those savings for deficit reduction.
• Reduce the corporate tax rate to 25 percent from 35 percent to “encourage companies not to go overseas.”
• Allow first-year deduction or “expensing” of equipment and technology investments.
• Establish permanent tax credit to 10 percent of wages spent on research and development.
• Reduce the estate tax to 15 percent and permit a $10 million exemption.
• Provide refundable tax credits of $2,500 for individuals and $5,000 for families if they buy health insurance.
• Promote an aggressive free trade agenda. Support pending trade deals with Colombia and South Korea and oppose barriers to imports in the U.S. market. Support an expansion and overhaul of the federal program aiding workers who lose their jobs because of trade.
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye