Your Money: McCain vs. Obama

· Temporarily suspend rule that seniors age 70 1/2 take required annual distribution from retirement account.

· Tax withdrawals of up to $50,000 from IRAs and 401(k)s at 10% in 2008 and 2009.

· Reduce capital gains tax to 7.5% from 15% for two years.

· Increase amount of capital losses that may be used to offset ordinary income to $15,000 from $3,000 for 2008 and 2009.· Temporarily eliminate taxes on unemployment benefits.

· Buy bad mortgages and renegotiate loan terms based on current value of home.

· Convert failing mortgages into low-interest, FHA-insured loans.

"...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*

· Temporarily allow penalty-free early withdrawals from IRAs and 401(k)s of up to 15% of the balance but not more than $10,000.

· Temporarily suspend rule that seniors age 70 1/2 take required annual distribution from retirement account.

· Give temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United States.

· Temporarily eliminate taxes on unemployment benefits.

· Require financial institutions participating in bailout to put a 90-day moratorium on foreclosures for homeowners "acting in good faith."

· Let federal government lend to state and municipal governments to help counter the budget crunch faced by states due to the mortgage crisis.

"We must move forward, quickly and aggressively, with a middle-class rescue plan that will create jobs, provide relief to families, help homeowners and restore our financial system." -- Obama**