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.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
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“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
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