The Bush Tax Cut

Paper Summary:

This paper examines the 2000 post-election income tax cut by President George W. Bush. It illustrates that the top one percent of the American economy are the main benefactors of the tax cut, and the general irresponsibility of this political action in this period of downsizing and terrorism. The author envisions a growing defict, as often seen in other war thirsty Republican presidencies.

From the Paper:

"When President George W. Bush precariously entered office in 2000, he did so with a showy economic package that proposed to reduce income tax by 1.6 trillion dollars. While many economists and analysts asserted that such a promise was fiscally irresponsible, the Bush campaign, and shortly thereafter, the Bush administration insisted aggressively that the national surplus, a relic of happier economic times, would provide a cushion for a tax cut. In 2001, Congress rolled over and welcomed a 1.35 trillion dollar tax cut."

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