Bush tax plan: backwards priorities

By on March 6, 2003

Everything that former President Bill Clinton has done to bring to the U.S. economy to a level it had never seen in American history, current President George W. Bush is ruining.

Former Vice President Al Gore warned that Bush would only care about the nation’s top one percent of the population, and he was certainly accurate in his warnings.

Bush-o-nomics, as my friend Mike calls Bush’s economics, is ridiculous and destined to fail and put our economy in an even weaker state than it currently is.

Think about just his massive tax cut for a moment. It does nothing for the average American besides giving Americans false hope over a rebate that, chances are, will be less than expected.

Tax cuts do nothing for an economy with the exception of increasing the debt of the federal government. Especially in today’s world, where many states are going to raise taxes, a few dollars is nothing more than a way for Bush to glorify himself and prepare for the next presidential election.

Additionally, the President wants to eliminate tax dividends tax, a very equitable tax that the wealthy should have to pay. Money made in the stock market is income, is it not? And since it is income, those who do well should be subject to taxation or else the stock market will exclusively become a place for the exorbantly wealthy to stash away income.

If Bush eliminates the tax dividends tax, then New York State, a locality already in financial disrepair is really in trouble.

If New York subsequently goes into even greater debt, those who will have to primarily bail out the state of New York are not those who have millions of dollars in the stock market, but the middle class. Further, the very people that will have to pay increased taxes and service charges will loose many services because of disastrous budget shortages.

It is up to the federal government, i.e. Bush, to bail out states from economic shortcomings. The federal government, after all, can operate in a deficit, unlike many states.

Instead of giving huge tax rebates and cuts, the federal government should give that money to the states that need it the most so that they can concentrate on the future rather than the past and present.

It would be a shame if states have to cut social programs because Bush insisted on giving even more money to the richest Americans, the very Americans that need it the least.


About Jamie DeLoma