Scanty Alms For The Poor Taxpayers
January 6, 2000
According to some reports, President Clinton is likely to propose a $36.2 billion tax cut over five years in his upcoming State of the Union address.
But taxpayers are cautioned not to go out and spend their share until they realize what it amounts to.
- Investor's Business Daily has figured out that it is worth less than one soft drink a week per American.
- While the cut will likely be targeted at certain favored groups, if it were spread out among every American it would amount to roughly $26 a year.
- Annually, the cut amounts to roughly $7.2 billion, out of a budget of $1.8 trillion -- or 0.4 percent of the total.
Political analysts note that Vice President Al Gore has been promising a wealth of new federal programs if he is elected President. Those programs will cost more money. So the loss to government coffers from a Clinton tax cut aimed at favored political groups would have to be made up through higher taxes on less favored groups, they reason.
Source: Editorial, "Brother, Can You Spare a Soft Drink?" Investor's Business Daily, January 6, 2000.
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