Bush's Tax Plan Essay

779 words - 3 pages

Bush's Tax Plan Our new President, George W. Bush, has unveiled a new and radical tax plan that has thus far stumped analysts as to its benefits and flaws. No one is quite sure as to how the new plan will affect the different classes of today's economy or weather or not all of it will be passed as law. Thus far neither the Treasury nor Congress has put together distributional tables that clarify the tax plan. According to David E. Rosenbaum of the New York Times "Democrats maintain that Bush's tax-cut plan would result in a windfall for the wealthy. Republicans say the wealthy would wind up paying a bigger share of national tax burden than they do now." [1] There are many speculations as to how the new Bush tax plan will affect taxpayers. Either way it will continue to be a topic of debate for Democrats and Republicans for all of Bush's term as President.On his web site [2], George W. Bush outlines his entire tax cut proposal in four simple steps. The first step is to increase access to the middle class for hard working families. He plans to do this by cutting the 15 percent tax bracket to 10 percent for the first $6,000 of taxable income for singles, the first $10,000 for single parents, and the first $12,000 for married couples. The second step is to treat all middle class families more fairly. To do this he will cut the maximum tax rate for middle class to 25 percent and greatly reduce the marriage penalty. Bush's third step is to encourage entrepreneurship and growth. For this tax rates will be capped at 33 percent, death taxes will be eliminated, and the research and development tax credit will be made permanent. Finally, Bush will promote charitable giving and education by extending the deduction for charitable contributions and increase the annual contribution limit on Education Savings Accounts. This plan yields varying results. Most importantly is that the largest percentage reductions will go to the lowest-income earners. (see Appendix A) Many people, especially Democrats, believe that Bush's new tax plan will just make the rich richer through huge tax cuts. Lorain Stuart states in her on-line article "Most of the tax cuts will go to those who have most benefited from the greatest...

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