President George W. Bush (R)
The following quotes are from the George W. Bush for President web site unless otherwise indicated.
- His Proposal
To make important spending, saving, and investment decisions, America's families and businesses need to be able to plan for the future. Right now, some key elements of the tax relief passed by Congress and signed into law by President Bush - such as the increase in the child tax credit, the elimination of the death tax, and the new incentives for small business investment – are set to expire in a few years. For example, a married couple with two children and an annual income of $40,000 would face a $922 tax increase (a 112% increase) in 2005 if these and similar provisions in the Jobs and Growth Act are not made permanent. President Bush urges Congress to make these vital tax reductions permanent so America's families and businesses can make decisions for their financial futures.
- His Record
The President's tax relief allowed families to keep more of what they earn by cutting tax rates across the board, doubling the child credit to $1,000, and reducing the marriage penalty. For America's small businesses, the President's tax relief reduced tax rates, quadrupled small business expensing, and phased out the death tax.
(B)y cutting rates, President Bush reduced the tax burden on the 90 percent of small businesses organized as S corporations, partnerships, or sole proprietorships and who pay their taxes at the individual income tax rates. Small businesses create 7 out of 10 jobs in our economy. Cutting marginal income tax rates allows small businesses – America’s job creators – to invest more of their money in their businesses to expand and create more jobs.
(T)he President's tax relief gave America’s businesses, large and small, an increased incentive to make the investments they need to stay competitive and to create more jobs. His tax relief quadrupled the limit on small business expensing to $100,000 and offered larger businesses 50-percent bonus depreciation. These tax provisions reduce businesses’ upfront costs when they purchase new computers, trucks, and other equipment to make their employees more productive. More productive employees means higher wages and more job opportunities for the companies that make the new equipment.
The following quotes are from the John Kerry for President web site unless otherwise indicated.
- His Proposal
George W Bush has chosen tax cuts for the wealthy and special favors for the special interests over our economic future. John Kerry's priority will be middle class families who are working hard to cover the mortgage, pay the high cost of health care, child care and tuition, or just trying to get ahead.
John Kerry has the courage to take on the Bush tax cuts for the wealthiest Americans. However, he believes that we should keep the middle class tax cuts that Democrats fought for in 2001 and 2003. Specifically, he wants to protect the increases in the child tax credit, the reduced marriage penalty and the new tax bracket that helps people save $350 on their first level of income. He strongly disagrees with Democrats who want to repeal these tax cuts because it would cost a typical middle-class family with two children an additional $2,000.
The Bush economic approach has left states with nearly $90 billion in budget deficits, forcing layoffs, education cuts, and tax increases – all of which hurt economic growth. John Kerry will create a new "State Tax Relief and Education Fund" that will help states so they don't have to make cuts that hurt our economy with an additional $25 billion over two years. This fund will stop the education cuts, tuition increases and tax and fee raising that are inhibiting our economic growth and causing layoffs. Kerry will, also, give additional money to states by fully funding the No Child Left Behind education law and special education.
