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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Michael L. Voorhees who wrote (32378)	8/26/2000 11:56:21 AM
From: greenspirit	Read Replies (2) \| Respond to of 769667

Governor Bush’s Tax Cut Proposal ------------------------------------------------------- 1. Increase access to the middle class for hard working families: Cut the current 15 percent tax bracket to 10 percent for the first $6,000 of taxable income for singles, the first $10,000 for single parents, and the first $12,000 for married couples. Double the child tax credit to $1,000. 2. Treat all middle class families more fairly: Cut the maximum tax rate for the middle class to 25 percent (versus the current maximum rates of 28 and 31 percent). Greatly reduce the marriage penalty by restoring the 10 percent deduction for two earner families, allowing them to deduct up to an additional $3,000. 3. Encourage entrepreneurship and growth: Cap the top tax rate at 33 percent (down from the current 39.6 percent). Eliminate the death tax. Make the research and development tax credit permanent. 4. Promote charitable giving and education: Extend the deduction for charitable contributions to the 80 million taxpayers that do not itemize, and raise the cap on corporate giving. Increase the annual contribution limit on Education Savings Accounts from $500 to $5,000 per child. Results of Governor Bush’s Tax Reform Proposal ----------------------------------------------------- Under Governor Bush’s tax plan, the largest percentage reductions will go to the lowest-income earners. As a result: Six million low- and moderate-income families will be removed from the income tax rolls entirely. That is one out of every five families with children. The marginal income tax rate on millions of low-income families will fall by over 40 percent. Tax Relief for Families of Four A family of four making $35,000 will receive a $1,500 tax cut, a 100 percent reduction. A family of four making $50,000 will receive a $2,000 tax cut, a 50 percent reduction. A family of four making $75,000 will receive a $2,500 tax cut, a 25 percent reduction. Tax Relief for Single Parents A single mother with one child making $22,000 will receive a $1,000 tax cut, a 100 percent reduction. A single mother with two children making $32,000 will receive a $1,500 tax cut, a 95 percent reduction.