RUDY will announcement the largest tax cut in the history of America:
Details of the plan are still emerging, but the campaign says it will include a $3,500-per-person deduction, and deductions for health care, home mortgage payments, charity contributions, and local and state taxes, as well as a $1,000-per-child tax credit. Then a 10 percent tax would be assessed on the first $40,000 earned, 15 percent on $40,000 to $150,000 earned and 30 percent on $150,000 earned and above. It also would include a one-page “fast form” that is supposed to simplify the tax process. The campaign said Giuliani will be joined by Steve Forbes and released a statement saying: “Considering the Democratic candidates for President haven’t been shy about their commitment to raise taxes, the American people can’t afford not to have Mayor Giuliani in the White House.
Of course, RUDY has no real plans to cut Federal spending to pay for this massive tax cut – unless he takes the bad advice of Robert (no relationship to Paul) Samuelson and decides we should slash Social Security benefits. The modern GOP: Spend&spend and Borrow&borrow!