| TAXES
The
federal budget faces enormous deficits, which threaten the availability
of resources for programs important to seniors. A series of tax cuts
have been passed over the past three years, which have been criticized
as contributing to these large deficit projections. Would you support
modifications of any of these cuts and, if so, which ones in particular?
[ Bush ]
Response Pending
[ Braun ]
This administration’s economic leadership gives voodoo economics
a bad name. Nobody is doing well with this economy. Even foreign investors
are fleeing out of trepidation about economic policy that creates record
budget deficits and current account deficits while exacerbating the
wealth disparities and economic inequality that inspire social instability.
Specifically, I will:
- First, roll back the tax cuts.
- Second, begin to invest in infrastructure developments, new technologies,
manufacturing, rebuild schools, to rebuild roads. We can make the
investments that will give stimulus to this economy.
- Adopt budget and spending priorities that do not create budget deficits.
I supported the Clinton tax bill that turned around the last Bush recession.
We have to turn it around again, get away from war and depression and
embrace peace and prosperity again.
[ Clark ]
I believe the best way to promote economic growth and fiscal responsibility
through the tax code is to promote fairness and progressivity. President
Bush's tax cuts have overwhelmingly favored Americans who need help
the least. I have proposed a "Saving for America's Future Plan"
that will save $2.35 trillion over ten years for deficit reduction and
investment in priorities. One element in the plan is recapturing revenue
from those provisions of President Bush's tax cuts that go to the wealthiest
Americans—those making over $200,000 annually.
[ Dean ]
This administration has pursued a misguided economic policy by mortgaging
our economic future for a set of tax cuts that provides, at best, minimal
help to the average American working family. We have gone from federal
budget surpluses when this president took office to $500 billion annual
budget deficits, and there are no signs that this administration intends
to change its fiscally reckless course. As I have said throughout this
campaign, I will rollback these irresponsible tax cuts and move to put
America’s fiscal house back in order and address the challenges
facing this nation that put the average American first.
[ Edwards ]
President Bush has turned a $5 trillion surplus into nearly $5 trillion
in deficits. I believe we need to restore fiscal discipline so we do
not jeopardize the future of federal important programs, many which
benefit seniors. I would repeal the Bush tax cuts that benefit only
the top 2% of Americans, including the top two new tax rates on income
and the new rates on income from dividends and capital gains for the
wealthiest 2% of Americans. I will also retain the tax on very large
estates, while protecting farmers and small businesses. The savings
from repealing these cuts will let us prepare for our future by reducing
the deficit and saving Social Security.
[ Gephardt ]
I believe the Bush tax cuts were irresponsible and have resulted in
a failed economic policy. As president, I will seek to repeal all the
Bush tax cuts and use them to provide guaranteed health care for every
American that can never be taken away. My plan will guarantee health
care, stimulate the economy, and help state and local governments. My
health care plan stands alone in this campaign as a plan that will truly
increase and improve employer-based retiree coverage. My plan offers
the very same 60% tax credits for retiree health care coverage and employer
coverage – ensuring employers reverse the trend in retiree coverage.
In addition, my plan allows those between the ages of 55 and 64 to “buy-in”
to Medicare.
[ Kerry ]
I will roll back the Bush tax cuts for the wealthiest Americans- those
making more than $200,000 a year. However, I believe that we should
keep the middle class tax cuts that Democrats fought for in 2001 and
2003. I will not raise taxes on middle class families.
Specifically, I want to protect the increases in the child tax credit,
the reduced marriage penalty and the new 10 percent tax bracket that
helps people save $350 on their first level of income. The last time
I checked, the problem in America wasn’t that the middle class
had too much money.
[ Kucinich ]
Congressman Kucinich will repeal President Bush's tax cuts to the wealthy.
He will restore the top two and one-half income brackets and restore
taxes on income from investments. He favors retaining the child tax
credit expansion and extending it to those low-income families who were
left out of it. And he opposes reinstating the marriage penalty. Kucinich
would bring back the estate tax, though with some modifications. Kucinich
believes that the President's tax cuts have not helped the economy but
have taken funds away from schools, health care, and housing, primarily
to benefit those least in need.
In response, Kucinich has introduced a bill that creates a fair, simple,
and adequate tax system. The Progressive Tax Act of 2003 gives $87 billion
per year to people with modest income and families in the middle class.
The bill collects an additional $107 billion per year from the Bush
tax cuts, corporate tax loopholes, and other tax giveaways. The bill
therefore raises a sum total of $20 billion per year that remains available
for deficit reduction or new spending, with a tax credit that will provide
greater transparency, provide extra work incentives, and a stimulus
effect.
[ Lieberman ]
With his massive, irresponsible tax cuts for the wealthiest Americans,
President Bush has created enormous deficits, and shifted tax burdens
from the wealthy and corporate interests to working middle-class families.
As President, I will change this equation – and restore fairness
and integrity to our tax code again. My plan would repeal the Bush tax
cuts for the wealthiest Americans and eliminate wasteful corporate welfare
– while cutting taxes for 98 percent of all taxpayers. Here’s
what I’ll do:
- Reset the top two income tax rates that George W. Bush lowered,
to allocate the individual tax burden more fairly
- Cut taxes for 98% of taxpayers
- Restore the dividend tax that Bush repealed
- Reform the estate tax that Bush repealed
- Eliminate wasteful corporate loopholes and subsidies that Bush has
protected
I’ll also push for other important spending reforms, like capping
overall spending at the rate of inflation – other than for Social
Security, Medicare, and national and homeland defense. I will cut the
deficit every year I’m in office, and balance the budget by the
end of my second term.
Taken together, these steps will restore fairness to our tax code,
help us significantly close the deficit, and safeguard Social Security,
Medicare, and other vital programs for when the Baby Boomers retire.
[ Sharpton ]
Response Pending
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