Bush’s tax plan gets a below average rating | PostIndependent.com

Bush’s tax plan gets a below average rating

Lorenz T. "Marty" Martensen

Dear Editor,

On Jan. 6, 2003, President Bush’s Press Secretary, Ari Fleischer, stated that 92 million taxpayers will save an average tax cut of $1,083 and that a family of four with $39,000 in earnings would save about $1,100.

“Average” is a dangerous word. Some tax experts on the NBC evening news made an analysis of that $1,083 claim Monday, Jan. 13.

An “average” example: Sanford Weil, NYC Citibank chief, would have dividend savings of $6,000,000. Add two more taxpayers with dividend incomes of $100,000 each for a total of $6,200,000. Now you have an “average” saving of $2,667,000 each.

The chief North American economist for Merrill Lynch predicted that the plan would increase economic growth by two-tenths of 1 percent. An income of $21,350 would receive a saving of about $47, according to the Brookings Institution.

Other tax expert conclusions were simple. Look at last year’s tax return. You can expect a reduction of about 10 percent of that.

By daily trumpeting his proposed stimulus program of a ten-year $670 billion tax cut, Bush hopes to sell the public on his program. Bush says, “My program will create jobs.” Sounds good. I’m sure Sandy Weil will buy another car or a house or a TV and put people to work.

Lorenz T. “Marty” Martensen

Glenwood Springs

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