McCain Unveils $52.5 Billion Economic Rescue Plan

John McCain rolled out his economic rescue plan Tuesday, aimed at encouraging investment and providing relief to seniors and the unemployed -- his latest bid to inspire confidence among voters that he is the candidate who can stabilize the turbulent economy.

He also sounded new alarms about the risks he says Americans will be taking if they elect Barack Obama, whom McCain has portrayed as untested and untruthful in a time of national crisis.

"Perhaps never before in history have the American people been asked to risk so much based on so little," McCain said at a rally in Blue Bell, Pa., where he announced his plan. He warned Obama could turn a "recession" into a "depression."

The Republican presidential nominee's $52.5 billion plan would eliminate taxes on unemployment benefits -- a measure that could affect 3.6 million Americans who receive such benefits, according to the campaign. McCain calls for lifting the tax in 2008 and 2009. Obama, who unveiled his economic plan on Monday, has also called for a temporary suspension of the tax on unemployment benefits, as well as an extension of such benefits for an additional 13 weeks.

If the government eliminated taxes on unemployment benefits, recipients would see an increase in benefits on average of nearly 10 percent, the McCain campaign said.

"It's unclear to me why the government taxes money it just sent you," McCain said. "We should relieve this burden from Americans who have been hit the hardest."

McCain on Tuesday also proposed reducing the tax rate on retirement accounts to 10 percent on the first $50,000 withdrawn. The campaign estimated it would affect 9 million people over the age of 60.

"Retirees have suffered enough and need relief, and the surest relief is to let them keep more of their own savings," McCain said.

His plan would also cut the capital gains tax in half, to 7.5 percent, for the next two years. McCain also promised that as president he would order the Treasury Department to guarantee 100 percent of all savings for six months.

http://elections.foxnews.com/2008/10/14/mccain-unveils-billion-economic-rescue-plan/