Some Unexpected Findings In Bush, Gore Tax Plans
October 3, 2000
At the request of the New York Times, the accounting firm of Deloitte & Touche has examined how a dozen hypothetical individuals and families in various financial circumstances would fare under the tax plans of presidential candidates George W. Bush and Al Gore.
- They found that while the Bush plan would be more generous to the wealthy, the Gore plan would give no tax relief to single people and childless couples, including retirees -- and even retirees with modest incomes would save some money under the Bush plan, but not Gore's.
- The Gore plan aims its benefits at a single parent with two or three children making around $29,000 a year.
- The analysts were surprised to find that a couple with three children in day-care and an income of $39,000 would be better off under the Bush proposal -- because the doubling of the tax credit for children under his plan would save more in taxes at that income level than Gore's child care credit.
- Because Bush's cuts are more sweeping than Gore's, they would give bigger tax savings to more families than Gore's would.
In sum, Bush would give almost everyone a tax cut. But Gore would give tax relief only to low-income families and those with modest incomes and special expenses.
Source: David E. Rosenbaum, "Study Finds Winners and Losers for Bush and Gore Tax Proposals," New York Times, October 3, 2000.
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