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.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast