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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (11182)1/7/2003 6:25:32 PM
From: American Spirit  Read Replies (3) of 89467
 
The president's plan is too costly (an estimated $670 billion in lost taxes over a decade) on top of his alrady budget-busting estate tax cuts. At least two-thirds of the tax break would go to the top 20th of all taxpayers, those making more than $200,000 a year. As these wealthy investors are more apt to save - not spend - their windfalls, it's hard to see how it would provide much of a short-term boost to the U.S. economy. Most of these wealthy people don't even need these tax cuts. But they get them anyway. The old trickle down rich get richer philosophy.

Perhaps, as the administration argues, tax-free dividends would bump up ailing stock prices, re-inflating shrunken retirement accounts and raising investors' confidence. But even then, this would be fertilizing a short-term flowering - not the long-term growth - of only part of the overall economic tree. And Bush says this will create jobs? How? Where? When? He provides no answer.
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