More on Bush’s economic plan

January 13th, 2003 – 8:18 pm
Tagged as: Uncategorized

“The centerpiece of the Bush economic program is permanent repeal of the tax on corporate dividends, falsely advertised as an economic ‘stimulus.’ The Bush plan would reduce revenues by $670 billion over 10 years, about half just from repeal of the dividend tax.

The proposal is bad economics and irresponsible budget policy. Two-thirds of the benefit would go to the wealthiest 5 percent. About half of all Americans have some money in the stock market, but most small investors have their money in IRAs, Keoghs, and 401(k) plans, which are already tax exempt. Bush is betting that small investors will misunderstand the law and identify with big investors.”

The more you learn about the details of what Bush is proposing, the more obvious it becomes that his plan disproportionately benefits the very wealthiest Americans. At the same time, he’s going to drive the deficit through the roof again with his tax cuts and his war against Iraq.

Read more from Robert Kuttner’s piece on the subject here.

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