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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
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For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
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