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The Federal Budget Deficit and Income Tax The Federal Budget Deficit President Bush and Congress have been incredibly irresponsible with our money (also see my “Corruption in Congress” and “Social Security and Medicare” topics). Spending under President Bush has increased at twice the annual rate than it did under Bill Clinton! (Domestic spending as well, so it can’t be blamed on Iraq.) President Bush is the opposite of a fiscal conservative; he has not vetoed a single bill in his entire time in office! And Congress has been just as irresponsible. The article below, which was on the front page of USA Today, says it better than I can. I support efforts by the Concord Coalition and other responsible and intelligent people listed in this article to bring sanity back to government. Please read this article, and join 'The Fiscal Wake-Up Tour.' http://www.usatoday.com/news/washington/2005-11-14-fiscal-hurricane-cover_x.htm In the early 1990’s, President George Herbert Walker Bush passed legislation that tied spending increases to equivalent spending cuts. It was one of the best pieces of legislation ever passed by Congress. Unfortunately, President Clinton allowed it to lapse during his presidency, one of my unhappiest days as a taxpayer. We need to pass it again! I will fight to do so. We need responsible people in Congress.
Income Tax Policy President Bush’s tax cuts for the rich were irresponsible in a time of deficit spending. See the below article in which every economist, including Douglas Holtz-Eakin, the chief economist for Bush's Council of Economic Advisers in 2001 and 2002, all agree that Bush’s tax cuts lose more money than they generate. And, they transfer wealth from the middle-class to the wealthy. How can they be justified? I don’t understand how anyone can support them. We must prevent Bush’s tax cuts from becoming permanent. I will fight to do so.
Tax cuts lose more money than they generate, studies conclude. |
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