| McCain |
Obama |
| Taxes |
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Will make permanent most of the Bush tax cuts, eliminate the AMT, reform the estate tax, cut corporate income taxes, create a new, permanent R&E tax credit, raise the dependent child exemption, close corporate tax loopholes, and create an alternative tax system with fewer rates and deductions.
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Will renew the Bush tax cuts for those making under $250,000, offer new tax credits for workers and homeowners, eliminate income taxes for many seniors, make permanent the R&E tax credit, expand the EITC and saver's credit, and close corporate tax loopholes.
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| Healthcare |
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Will replace the current employer healthcare exclusion with a flat refundable tax credit for those who purchase insurance, while implementing measures to reduce healthcare costs such as prescription drug reimportation, tort reform, better Health IT, and more consumer driven medicine.
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Will move toward universal health coverage through mandates for employers and children as well as large public subsidies while enacting measures to reduce healthcare costs such as prescription drug reimportation, better Health IT, and incentives to increase efficiency.
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| Social Security |
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Will reform Social Security in a bi-partisan manner, or by submitting a comprehensive proposal for an up or down vote if necessary; opposes increasing taxes and supports private accounts to complement, rather than replace, Social Security.
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Will raise additional Social Security revenue by applying new taxes to income above $250,000 and
will reform Social Security in a bi-partisan manner; has ruled out privatization
and opposes raising the retirement age or cutting benefits.
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| Energy |
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Will implement a cap-and-trade system for greenhouse gasses with both auctioned and freely distributed permits, encourage energy conservation and diversification, and end several energy subsidies.
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Will implement a cap-and-trade system for greenhouse gasses with fully-auctioned permits, fund the development of new and better green technology, and end tax subsidies to oil and gas companies.
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| Other New Spending |
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Will increase the size of the military, develop a missile defense shield, and reform unemployment insurance.
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Will introduce a number education reforms, while increasing basic research, growing the size of the military and increasing foreign aid.
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| Spending Cuts |
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Will eliminate all earmarks, freeze discretionary spending for a year, reform the defense procurement process, reduce agricultural subsidies ,and cut wasteful spending.
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Will eliminate the guaranteed student loan program, cut earmarks, reform contracting procedures, reduce wasteful spending, and realize savings from ending the Iraq war.
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| Budget Process Reform |
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Will make budget rules more balanced, require a 3/5 majority to raise taxes, and seek a line-item veto.
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Will re-instate pay as you go (PAYGO) rules to restore fiscal discipline.
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