Democrat-Republican Tax Plans

The republican released their proposed tax plan. Bush is trying to get the plan passed and placed in effect. This plan has a life span of ten years and is proposed to boost the economy. Boosting the economy is a great idea, but is the republican’s tax proposal the way to go about it.

To boost the economy we need to put money in the hands of Americans that now are in economic hardship. Those Americans that need the money now are not spending. They are budgeting and making cuts in their personal budgets to provide necessities. Does someone with a high six to 7 figure income need help at this time? The answer to this question is no. Sure he or she may not be as rich as they were the year before, but have they had to put their budgets in a binder to survive.

Bush’s proposed tax plan will for the most part help those that have not noticed a severe personal budget cut. His tax plan is aimed at the wealthiest people that have a solid economic foundation, with job security. For the rest of the people the tax plan will add money, but money that may be needed to dig themselves out of a hole that was created by a fa

Bush’s plan is aimed at creating new jobs, much needed jobs. He says if the people that provide the jobs, have more money they can create more jobs. More jobs are not necessarily created when businesses or business owners get richer. Jobs are created when there is a more demand for a company’s product. This demand is not increased by more jobs, it is increase by more consumer spending. Bush’s plan is working from top to bottom, rather than working from the bottom to the top.

Both the republicans and the democrats are looking at increasing write offs for small businesses. This would come in the way of equipment purchase tax write offs. The republicans offer to up the write off amount up to 3 times its allowed max now of 25,000. This is about the only area that the two sides were in close ranger of each other. The democrats proposal upped the write off limit to 50,000.

The republican’s plan is overall a hefty tax cut. This is of course is attributed to the aim of the tax plan; the wealthiest. Taxes are worked out in a percentage of earnings. The wealthiest people of course make the most money, so the overall cut is higher. High tax cuts can put the future economy in trouble. High tax cuts make for less money to pay off the national debt. This debt will continue to grow, and get bigger every year. In the 10 years that bush’s plan will exist where will the national debt be? Simple math will tell us that the nation’s deficit will grow. And really it is a proven fact it will grow unless we pay down on the deficit. So in ten years will a growing deficit benefit the economy? The democrat’s plan is only 1/5 of the proposed 670 billion in tax cuts proposed by the republicans.

Another area that helps keep the economy’s foundation strong is public highways. The democrats propose to add five billion dollars to repair and build highways. The proposal also allows states to postpone matching their share of project costs for up to 2 years. With better highways, there is less wear and tear on individual’s vehicles. Less wear and tear on vehicles cuts down on the operating costs of a vehicle. Nothing proposed by the republ

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