McCain presents more economic proposals

BLUE BELL, Pa., Oct. 14 (UPI) -- Republican presidential candidate John McCain Tuesday outlined his plans to protect pensions, help U.S. homeowners and put money in taxpayers' pockets.

"If I am elected president, I will help to create jobs for Americans in the most effective way a president can do this -- with tax cuts that are directed specifically to create jobs, and protect your life savings," McCain said during a rally in Blue Bell, Pa., near Philadelphia.

McCain restated several proposals he announced previously, such as suspending rules requiring investors to sell off their IRAs and 401Ks when they reach age 70 1/2. He also pledged to halve capital gains tax on stocks purchased and held for more than a year.

He reiterated his plan to buy mortgages directly from homeowners and mortgage servicers, replacing them with manageable fixed-rate loans.

McCain said he would increase the amount of capital losses from $3,000 to $15,000 that could be deducted from income.

The Arizona Republican also repeated his pledge to veto pork barrel spending and to freeze spending for a year for all programs except areas such as defense and veterans care.

"We are going to use that year to turn Washington inside out and get rid of wasteful, inefficient programs that do no one any good," McCain said.

Reforming the tax system would provide relief to U.S. workers and create jobs, he said. McCain pledged to double the child deduction from $3,500 to $7,000 and promised $5,000 to buy health insurance for "(every) person in America who chooses it."

The federal business tax rate would be lowered from 35 percent to 25 percent under a McCain administration, and taxes on unemployment benefits would be eliminated, he said.