US - Republican presidential nominee John McCain has announced further plans to help retirees, proposing a maximum tax rate of 10% for money coming out of IRA or 401(k) plans.
McCain's chief economic adviser Doug Holtz-Eakin said the plan to cap tax was aimed to help seniors who were counting on their retirement accounts to manage their lifestyles.
He said: "The retirement accounts have been damaged. The government does not need to be taking so much out of that in this time. And that will help get basic cash in the pocket, an important element of the US economy."
McCain also wants to cut the capital gains tax rate from 15% to 7.5%. Holtz-Eakin said reducing capital gains tax rates was a proven way to support asset markets.
He said: "The benefits of supporting those markets will spread broadly through the economy.
"We've got pension funds, whether they be union, public employee or private company funds, that are weighed down as a result of the stock market.
"We have individual accounts for IRAs, 401(k)s…badly damaged by the downturn. Providing incentives to get into and hold over a sustained period will support the goals of those individuals."
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