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First, there was Bush's recent tax cut speech. Well, no one can say the middle class didn't see it coming. But if this $1.6 trillion behemoth actually crashes to earth, the effect on the middle class will be catastrophic. With 40 percent of the reductions being absorbed by the wealthiest one percent of American families and with inequality on the rise since the 70s, the tax cut alone may reduce the middle class to memory...
Maybe the plan is not necessary for the economy, but for the American people. So, who exactly does this $1.6 trillion tax cut benefit? Sure, the tax cut benefits all Americans a little bit, but it disproportionately helps the wealthy. The amount saved by the wealthiest one percent of Americans, those earning over $900,000 a year, constitutes 43 percent of the total tax cut. Instead of spending most of this tax cut on the affluent, we need to help those Americans who need tax relief the most--working-class families...
...Daschle's 10-year plan divides the $2.7 trillion projected non-Social Security surplus into thirds - $900 billion for tax cuts (vs. Bush's $1.6 trillion), $900 billion for additional spending, and $900 billion for additional debt reduction, above and beyond the Social Security surplus. (Bush's debt reduction comes exclusively from the Social Security surplus.) And he thinks that with some moderate Republicans in the Senate publicly worrying that Bush's plan is cutting things a bit too close, he'll be able to meet them somewhere in the middle...
...Bush's agenda, Daschle maintains, will cost upwards of $2 trillion dollars. And once the $1.6 trillion tax cut is taken out of that, Democrats say, there will be nothing left for anything else, let alone the education programs and military pay increases that are assured bipartisan support...
...surpluses in 2005 and 2006 - still sounds a little fishy when you're talking about Washington politicians. But Bush has given his big sales speech, and hit the road on his five-state tour, and though the Democrats persisted on Wednesday in patting down Greenspan for soundbites, the $1.6 trillion baby is out of the Fed chairman's hands...