Presidential candidate Sen. John McCain, R-Ariz., and his rival Sen. Barack Obama, D-Ill., have proposed differing tax and retirement plan measures to deal with the economic downturn.
McCain proposed that the first $50,000 withdrawn from individual retirement accounts and 401(k) plans by people over the age of 60 should be taxed at the lowest rate, 10 percent, in 2008 and 2009. He also called for suspending the tax rules that require seniors to begin selling off equities from their IRA and 401(k) accounts when they reach age 70.5.
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