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December 2000

Editor: Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA

The George Bush Tax Plan

From the George Bush web site

Governor Bush believes that roughly one-quarter of the surplus should be returned to the people who earned it through broad tax cuts – otherwise, Washington will spend it. His plan will promote economic growth and increase access to the middle class by cutting high marginal rates. It will also double the child credit, eliminate the death tax, reduce the marriage penalty, and expand Education Savings Accounts and charitable deductions. The largest percentage cuts will go to the lowest income earners. As a result, 6 million families will no longer pay federal income tax.

Governor Bush’s Tax Cut Proposal

1. Increase access to the middle class for hard working families: Cut the current 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. Double the child tax credit to $1,000.

2. Treat all middle class families more fairly: Cut the maximum tax rate for the middle class to 25 percent (versus the current maximum rates of 28 and 31 percent). Greatly reduce the marriage penalty by restoring the 10 percent deduction for two earner families, allowing them to deduct up to an additional $3,000.

3. Encourage entrepreneurship and growth: Cap the top tax rate at 33 percent (down from the current 39.6 percent). Eliminate the death tax. Make the research and development tax credit permanent.

4. Promote charitable giving and education: Extend the deduction for charitable contributions to the 80 million taxpayers that do not itemize, and raise the cap on corporate giving. Increase the annual contribution limit on Education Savings Accounts from $500 to $5,000 per child.

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