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Tax Reform
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Tax Reform In early May the Senate began debate on the tax cut proposal issued by the Bush administration. The democrats feel that this debate is really about the president’s plan to spend money in ways that are more likely to hurt the economy rather than help spur its recovery. According to the article one of the benefits of the plan was that the cuts would create a million new jobs by the end of the year. Unfortunately the reality is that the economy has lost 2 million jobs since the first significant cut in 2001. The republicans control the Joint Committee on Taxation and their latest reports indicate only a slight positive impact in the short term and potentially a negative impact in the next few years due to public borrowing. The democrats feel that the tax program is just another way for the republicans to pursue their own interests. They believe that the republican plan is to incur large federal budget deficits through borrowing which eventually limits the size of government.
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