' The Economic Outlook of Presidential Hopefuls—Total Bankruptcy
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The Presidential Candidates on the Economy

Come November, Americans will be faced with an important decision -; who should be our new leader? With the country in economic turmoil, many voters will be influenced by the candidates' proposals on what to do with the country's money. This is a brief overview of the positions of the three major candidates on economic issues from bankruptcy law to health care.

For more detailed information on proposed budgetary plans, visit the candidates' websites (links provided).

John McCain (R)

  • On Taxes: Supports a simplification of the tax system, which would have two rates and a "generous" standard deduction; supports across-the-board tax cuts, including:
    • Summer suspensions of gas and diesel taxes;
    • Doubled dependant deduction for families (to $7,000);
    • Permanent implementation of 2001 and 2003 tax cuts; and
    • Reduction of corporate tax rate from 35% to 25%.
  • On Housing Crisis: Promotes spending up to $10 billion to allow certain homeowners with expensive, adjustable-rate mortgages to switch to more affordable fixed-rate mortgages.
  • On Government Spending: Supports increased government spending in every area except the arts and space exploration, for which he advocates decreased spending.

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Barack Obama (D)

  • On Taxes: Supports $1,000 tax credit for working families ($500 per individual), simplification of tax filing process.
  • On Housing Crisis: Supports government regulation of the U.S. financial system, including greater government oversight of financial institutions and "six core principles for reform." He's proposed a $30 billion economic stimulus to help families struggling with foreclosure. Of that, he would specifically allocate:
    • $10 billion to a foreclosure prevention fund to help families keep their homes; and
    • $10 billion to fund programs in areas hardest hit by the housing crisis.
  • On Bankruptcy Law: Supports debt forgiveness in medical bankruptcy filings; has proposed legislation that would allow those filing bankruptcy to modify the terms of their mortgages in bankruptcy court.

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Be sure to visit Total Bankruptcy and our Bankruptcy Articles section for the latest announcements by the presidential candidates on the economy.