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Politics : Don't Blame Me, I Voted For Kerry -- Ignore unavailable to you. Want to Upgrade?

To: tonto who wrote (15002)	4/15/2004 4:27:49 PM
From: CalculatedRisk	Read Replies (2) \| Respond to of 81568

I'm not sure of all the details (nor am I a Kerry apologist - but he is trying to do something about the spiraling deficit). According to the WSJ article "U.S. Revenue Springs a Leak", the Bush tax cuts account for $287 Billion per year. Over half of those tax cuts went to tax payers making over $200K. So reversing those tax cuts (for the $200K+ earners) would increase inflows by at least $143 Billion. Another $269 Billion was attributed to "technicals" that included capital gains cuts, dividend tax breaks, tax cuts for business, etc. So far Kerry hasn't proposed to eliminate those cuts. Of course, the third major component of the Bush deficit is the increase in spending. The WSJ estimated spending increases are costing $251 Billion this year (not counting Iraq spending). Obviously Bush is a "drunken sailor" when it comes to spending. If we followed the "Kerry Plan" on Iraq (and lowered our expenses) and just implemented that $200K+ tax cuts, the deficit would still be $550 Billion next year. We have work to do, but at least Kerry is starting on the right path.