Focus Point - Tax CutsCommentary by Pete du Pont
May 22, 2001
I'm Pete du Pont with the National Center for Policy Analysis. The best George W's going to get on his tax cut is a reduction from 39 percent to 36 percent -- the highest tax bracket instead of the 33 he campaigned on. Some conservatives are arguing he should promise to veto the bill until congress gets it right. I can sympathize, I just can't agree.
First, the bill is a work in progress; it may get better..
Second, what kind of tax cut would we have gotten under Al Gore? Yes, that's a rhetorical question.
Third, what happens if he vetoes it? Are the republicans strong enough to shove through a lower tax plan? I doubt it, and it would give the liberals a chance to demagogue it all again.
Finally, the bill gives lower and middle income taxpayers -- i.e., voters -- benefits quickly. Combine that with continued Fed rate cuts, and you have a buoyant economy come election time in 2002. Get a solid majority then, and taxes can be cut again.
Those are my ideas, and at the NCPA we know ideas can change the world. I'm Pete du Pont, Next time, making faith-based work.