| Sound off about... President Bush and Tax Relief |
The Check is in the Mail!
July 20, 2001
“If you pay income taxes, you get relief.” That was the message that George Bush gave to America when Congress passed his tax cut bill. For the first time since the historic tax cuts given by President Ronald Regan 20 years ago and President John F. Kennedy 40 years ago, significant tax relief is on the way for Americans. And, in truth, President Bush can now say, “The check is in the mail.”
In the first phase of his $1.35 trillion tax plan, the government will be sending out 92 million tax rebate checks over the next 10 weeks. Married couples will receive a check of up to $600 and single taxpayers will be given up to $300. Other highlights of Bush’s tax plan that will be implemented over the next decade include:
- Doubling the $500 child tax credit
- Eliminating federal tax on large estates
- Raising contribution limits for IRAs from $2,000 to $5,000
- Cutting the top income rate from 39.6 to 35 percent
Bush emphasizes the fact that with his tax cut, Americans can spend more of their hard-earned dollars where they see fit. Democrats, on the other hand, are questioning where all of this money is going to come from. According to Senate Budget Committee Chairman Kent Conrad, “We see that we are headed for being in the Medicare trust fund this year, the Medicare trust fund and Social Security trust fund Next Year. We should not be raiding trust funds to pay for other operations of government” (CNN.com).
How do you feel about Bush’s tax plan? Do you think it will help or hurt the economy in the short term? How about in the long term? How do you feel about dipping into the Medicare trust fund?
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