Word: surplus
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PLAN: Devote more than a third of the projected surplus - $1.6 trillion - to tax cuts, including a broad cut for all income brackets. Double the child tax credit, give a credit to married couples regardless of whether they pay the marriage penalty, and repeal the estate...
...particularly the wealthiest third of taxpayers. The long-term effect is cloudy: Bush argues that his cuts will encourage the economy to keep growing, but the cuts could lead to inflation, and if things turn sour, ballooning deficits could return. And Congress is currently spending a fifth of the surplus...
PLAN: Reserve roughly 10 percent of the surplus - $480 billion - for tax cuts targeted to low- and middle-income Americans. These include credits for college tuition, preschool, care for an elderly parent, fuel-efficient cars and retirement-savings accounts...
...says, not how he says it. He's running harder against Washington than anyone in years, but he's the first Republican in a decade who doesn't want to blow up the Education Department and padlock the IRS. He wants to spend a trillion dollars of the surplus to let people invest part of their Social Security taxes in the stock market, yet he promises not to cut benefits, in which case there's no spare trillion lying around to pay for it. He blasts Gore for proposing more new spending than at any time since the Great Society...
...Nobody seems much ashamed of their roots in this one, with the possible exception of Bush and his Religious Right, which has been graciously silent throughout. Hear George W. Bush talk tax cuts, and you hear Republicans gleefully rejoining the battles of the Gingrich revolution in the age of surplus. Washington's battle of the boom - for control. For the credit...