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| Daschle Unveils Democrats’ Tax Proposal | |
| 2003-05-06 | |
| Edited for Brevity With President Bush exhorting lawmakers to support his economic plan, Senate Democrats on Tuesday unveiled a rival measure, one that would offer tax credits to families and businesses, aid to states, but without a key provision sought by the White House: the elimination of taxes on dividends. The Democratic plan, presented by Senate Minority Leader Tom Daschle at a news conference, has an estimated 10-year price tag of about $152 billion -- far less than the $726 billion originally sought by Bush. Daschle called it "fair, fast-acting and fiscally responsible," and said a family of four earning about $50,000 a year would see federal taxes reduced by an average of $1,630 this year. With Republicans controlling both the Senate and the House, the "Jobs, Opportunity and Prosperity" plan outlined by Daschle is not expected to win enough votes for passage, but it serves as a marker of sorts for Democrats who want to make the economy a key issue in the 2004 presidential race. Now, let's stop right there. Isn't this Reaganomics by any other name? A tax cut that will yield "jobs and opportunity". Isn't that what President Reagan promised over 20 years ago and unbelievable scorn was heaped upon him? It is heartening to see that the Democratic Party has finally come around to rational thinking after 20 years. The plan unveiled by Daschle, D-South Dakota, Tuesday would do nothing to reduce the taxes on dividends. It includes a new "wage credit" of $300 for every working American, plus another $300 each for the first two children. The plan would also accelerate the child tax credit and the doubling of the standard deduction for married couples. This, I like and it is good political strategy for the Democrats who can tout this under the family values banner. The plan includes a variety of incentives and tax credits for businesses to invest in new equipment (Isn't this a corporate bailout? Maybe only if proposed by the Republicans, huh? ) and help employees with their health care costs. It also includes about $40 billion in direct aid to states. "What we're offering is real jobs, real opportunity and real prosperity -- a plan that works for our country," Daschle said.
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| Posted by:ColoradoConservative |