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Politics : PRESIDENT GEORGE W. BUSH
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To: Kenneth E. Phillipps who wrote (29372)8/15/2000 10:36:59 AM
From: Les H  Read Replies (1) of 769667
 
That's why they should balance a general tax rate reduction with targeted spending cuts that favor savings over consumption. Eliminate the Earned Income Tax Credit (EITC). Eliminate the Americorps program. Cut back the Education department. Cut back the budgets for the White House and the Congress by 20 percent ($ 10 billion). Get the general budget in balance. They probably should phase out the mortgage interest deduction in 5-10 years now that cap gains on residences are not taxable. Once you get the income tax low enough and replace it at least in part with a sales tax, you can get rid of artificial savings plans like IRAs and 401Ks.
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