- Jan 20, 2001
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And it is a real quote, something Bush said during the course of a 15 February 2000 Republican debate (moderated by CNN host Larry King) in Columbia, South Carolina, between Texas Governor George W. Bush, Senator John McCain of Arizona, and former Reagan administration official Ambassador Alan Keyes:
The difference between our plans is, I know whose money it is we're dealing with. We're dealing with the government -- we're dealing with the people's money, not the government's money. And I want to give people their money back.
And if you're going to have a tax cut, everybody ought to have a tax cut. This kind of Washington, D.C., view about targeted tax cuts is tax cuts driven by polls and focus groups. If you pay taxes in America, you ought to get a tax cut.
Under my plan, if you're a family of four in South Carolina, making $50,000, you get 50-percent tax cut. I've reduced the lower rate from 15 percent to 10 percent, which does this -- and this is important. There are people on the outskirts of poverty, like single moms who are working the toughest job in America. If she has two kids, and making $22,000, for every additional dollar she earns, she pays a higher marginal rate on her taxes than someone making $200,000.
You bet I cut the taxes at the top. That encourages entrepreneurship. What we Republicans should stand for is growth in the economy. We ought to make the pie higher.
Obviously, the glaring problem is the lack of simple arithmetic skills. But I think the comments that follow are even more troubling. Bush talks about the tax burden on the working poor yet he did nothing to reduce their taxes (FICA). Even worse, the Bushies just advised corporations on how to navigate a reduction in overtime pay to low wage workers. Bush isn't making the American pie higher . . . much of the pie is going overseas while American workers are left to do the dishes.
What I don't understand is Bush says targeted tax cuts are wrong . . . everybody in America should get a tax cut. Then he says cutting taxes at the top encourages entrepreneurship . . . as if somehow being upper income means you have a special right to tax cuts. Dividend tax cuts, capital gains tax cuts, and reducing the estate tax . . . are targeted tax cuts.
