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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (25529)	2/1/2008 12:16:55 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 71588

Re: " I think he should have reformed the tax code in concert with the tax cuts." So do I. But, he backed down. Chickened out. Rejected the (mostly excellent) recommendations of his own several tax panels. Incidentally, the 'dividend and cap. gains cut' was a huge cop-out. His own Treasury recommended to Bush that ALL dividends (since they are profits, earned by a corporation, which are passed-through to their owning shareholders) should be 100% a tax deduction (reducing reported earnings, as they are not retained) to the CORPORATION... and then taxed as regular income when received by the shareholders. This one BOLD CHANGE would have spurred a huge surge in business activity in America, lowered our corporate tax rates to a more efficient level, raised GNP and job creation... and, not incidentialy, resulted in a MUCH HIGHER lever of profit payout to shareholders. Instead (when told that, in the first few years, before the 'Lafer effect' would kick in, it would cost about twice what his wimpy and tax-code-complicating plan would cost...), he went with the convoluted, much less productive 'plan' instead. A GREAT OPPORTUNITY lost for a generation. All because Bush didn't have the wisdom to do what was right (and was right within his grasp....)