Diary

Wake Up - McCain's Gives Critical Speech - Republicans Asleep

McCain gave a very important speech today

It revamped his stump speech, gave new economic proposals and new lines of attack on Obama. It was good and substantive. Quick notes:

  • He specifically refernced the plumber in Ohio and talked about wealth redistributions

  • He also noted how Obama palns to give tax “cuts” to people who dont pay taxes.

  • He talked about his record more effectively. He had a great quote about how Americans are being to asked to put their faith in someone who has proven so little. He has done this before, but he was much more effective today. He mocked Obama’s tax history effectively.

  • McCain – “He is an eloquent speaker, but even he can’t turn a record of supporting higher taxes into a credible promise to cut taxes,” McCain said. “What he promises today is the opposite of what he has done his entire career. Perhaps never before in history have the American people been asked to risk so much based on so little.”

  • He had a good tone. Not too subdued or hyped up, which he has a tendency to do. He looked assured.

  • He talked about fighting again like he did in Virginia. He ended with that same cadence. “Figh. Fight. Fight”

  • For people looking for work whose income for the year is under $100,000, he would eliminate taxes on the unemployment benefits they receive.

  • Capital gains taxes would be cut in half, McCain said, for two years, from 15 percent to 7.5 percent. His aides said that would cost the federal government about $10 billion, but would provide an incentive to save and invest.

  • For those who sell stocks at a loss, McCain would increase the amount they can deduct from $3,000 to $15,000, making it less of a burden for those who need immediate cash to survive the economic downturn, his advisers said.

  • A proposal to lower the tax rate on seniors who tap their IRAs and 401(k)’s after reaching 59-and-a-half years old. Under his proposal, which he estimated would cost the government about $36 billion, the first $50,000 of withdrawals would only be taxed at the 10 percent rate, his aides said.