Bush’s Special Savings Accounts
I’m really trying hard to decide whether Bush is naive and stupid or whether he feels that we naive and stupid voters don’t read beyond the headlines of a story.
The plan, according to Bush, would reduce a saver’s tax bill by approximately $12; yes, that is twelve dollars, in its first year and slightly more in later years. With that munificent bounty we are all going to buy homes, start businesses and send our kids to college.
According to Bush’s economic advisers this plan would result in a loss of deferred tax payments of $550 million in the next five years. It is interesting to note that, at the same time, Bush is proposing a cut in the capital gains tax for the wealthy which would result in tax forgiveness, not deferment, of $40 billion in the same five-year period. Guess where Bush’s concerns lie?
MAX RUCHAMES
Long Beach
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