Repealing the American Dream
October 23, 2003
In a recent speech at Georgetown University, Howard Dean unveiled his economic plan, calling it "Reclaiming the American Dream." Since its centerpiece is a complete repeal of the Bush tax cuts, the plan amounts to a gigantic tax increase on child-rearing working families. How ironic it is that one of Dean's "clear objectives" is to "relieve the crushing burdens on American families," says the Washington Times.
On the domestic front:
- Dean would establish a massive government health-care system that would, by comparison, make "Hillary-care" look like nip-and-tuck adjustments around the edges.
- Tax-and-spend liberalism would return with a vengeance, beginning with a two-year $100 billion government program to "create 1 million new jobs."
- The plan doesn't mention how these government-created jobs at the state and local levels will be funded.
- A married couple raising two children and earning the median married-couple income of $60,335 would receive a $1,936 tax increase under Dean.
- The median income for a married couple with the wife in the paid labor force is $70,834. Assuming two children, Dean would raise that family's income taxes by $2,353 by: (a) taking away the $500 per child increase in the child tax credit ($1,000); (b) eliminating the 10 percent tax bracket ($700); and (c) reinstating the marriage penalty ($653).
Source: Editorial, "Dean's dream-destroying plan," Washington Times, October 23, 2003.
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