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McCain to unveil his own economic plan

According to a campaign advisor, US Republican presidential nominee John McCain is working on a new economic plan designed to help rank-and-file investors as well as homeowners facing the loss of their homes.

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US Republican presidential nominee John McCain is working on a new economic plan designed to help rank-and-file investors as well as homeowners facing the loss of their homes, an adviser to the candidate said Sunday.

"I think it goes along the lines that now is the time to lower tax rates for investors, capital gains tax, dividend tax rates, to make sure that we can get the economy jump-started," Republican Senator Lindsey Graham of South Carolina, a close political ally and adviser to McCain, told CBS's "Face the Nation" program.

"It will be a very comprehensive approach to jump-start the economy by allowing capital to be formed easier in America by lowering taxes," Graham added.

He said the McCain plan would include measures to help homeowners at risk of losing their home to refinance their mortgages by writing off some of their debt in view of the actual value of their homes.

Under the plan, Americans would not owe to banks more than their home is worth now and would be given a fixed mortgage rate to help them make monthly payments.

"I think that is a very wise move at this time," Graham said without disclosing when the plan would be unveiled.
 

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