Obama's plan calls for raising taxes only on the 5 percent of people who make more than $250,000 a year. The nonpartisan Tax Policy Center found that under Obama's approach the wealthiest 1 percent of taxpayers would see their taxes go up on average by $93,709 in 2009, For McCain, those same wealthy taxpayers would see an average reduction of $48,860. Obama is proposing tax cuts for those making less than $200,000 a year. Barack Obama proposed more immediate steps Monday to heal the nation's ailing economy including a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs. With the economic turmoil weighing down his Republican presidential rival, Obama also proposed allowing people to withdraw up to $10,000 from their retirement accounts without any penalty this year and next. The Democratic presidential candidate said his proposals, with a price tag of $60 billion over two years, can be enacted quickly, either through the government's regulatory powers or legislation that Congress could pass in a special session after the election. "I'm proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities and help struggling homeowners," Obama told a crowd of 3,000. "It's a plan that begins with one word that's on everyone's mind, and it's spelled J-O-B-S."
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