I'm Pete du Pont with the National Center for Policy Analysis. Who would benefit from George W. Bush's across-the-board tax cut plan?
To hear Al Gore tell it, it's a giveaway to the rich at the expense of the poor. Which, as it turns out, is nonsense.
But Bush's plan, cutting the bottom tax rate from fifteen to ten percent and doubling the child credit means six million two-parent, two-child families making less than $35,000 would owe nothing – no taxes at all. The same families making between $40,000 and $50,000, would see their tax bills cut in half.
It's higher income families that get less relief: only a ten percent reduction for those making more than $100,000.
And remember, Bush plans to return up to three percentage points of Social Security taxes for investment in private retirement accounts. So for people who make enough to file but not enough pay anything, that's the equivalent of up to a 24 percent tax cut for 30 million people.
A tax break for the rich? Baloney.
Those are my ideas, and at the NCPA we know ideas can change the world. I'm Pete du Pont. Next time, Gore's takeaway.