Word: bushed
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Dates: during 1990-1999
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...plan that helps low-income Americans goes deep into Democratic territory and sounds like the perfect policy component to fit Bush's centrist rhetoric. The problem for Bush and his economic team is that none of the fixes they are considering are easy or cheap. Push back the phase-out of benefits to higher income levels, and the number of families receiving tax credits and subsidies explodes. Increase the size of standard deductions and child tax credits, and watch revenues shrink. Reduce the number of tax brackets while eliminating loopholes, and the lowest-income families may not be any better...
...last Thursday, nine of the nation's top conservative economists stopped what they were doing, placed a call to the same telephone number and spent the next 90 minutes debating how to save George W. Bush from his own party. Not that any of the economists--all good Republicans--put it that way. But with the G.O.P. in Congress engaged in a tax-cutting frenzy that has perturbed even the imperturbable Alan Greenspan, the pressure on Bush's team of number-crunching advisers to devise an economic plan for the presidential front runner has intensified. Their task: to satisfy...
...Though Bush won't unveil his plan until the fall, team member Martin Anderson, who helped craft Ronald Reagan's tax cuts in 1981, told TIME last week that Bush's plan "is going to be significantly different from what the Republicans are doing now." Of course, the Texas Governor wants to cut taxes for the middle and upper classes, but sources tell TIME his plan will feature a series of proposals aimed at lowering the tax burden on families earning between $12,500 and $30,000 a year. When poor families begin to make more money, they gradually lose...
...Bush has another problem. Two weeks ago, he told Iowa public television that if he were President, he would sign the 10-year, $792 billion tax cut passed by the House. That bill calls for a 10% across-the-board income tax cut and a 25% reduction in the capital gains tax--measures that disproportionately favor the wealthiest Americans and that, by their sheer size, have rattled even some fiscally prudent Republicans. (The Senate passed its own tax cut last Friday, which also totaled $792 billion.) That may explain why some Bush advisers last week played down the endorsement...
...Bush's economists believe you just might be able to. Led by Larry Lindsey, a former Federal Reserve governor, Bush's team is like a conservative All-Star squad from the Reagan-Bush years, a combination of supply-siders like Anderson and Harvard's Martin Feldstein, with do-no-harm pragmatists like Boskin. "There are no disagreements on where we're going," says Anderson. "But there are lots of discussions about the best way to get there...