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A CUT DELAYED IS A CUT DENIED.(A)(EDITORIALS)
The sausage-making machine in Washington is grinding down President Bush's tax cut. The equipment doesn't move fast. But it's thorough. Consequently, what was once $1.6 trillion in relief is now down to $1.35 trillion.
We don't doubt a tax cut is coming. Republicans are essentially promising tohave a bill on Bush's desk by Memorial Day.
But there's no hope it will be the tax cut that Bush had campaigned for -- $1.6 trillion over 10 years. We considered that a floor, from which compromiseswould move upward.
But squeamishness among a handful of GOP senators and cynical stubbornness from Democratic leaders have driven relief down to $1.35 trillion -- or less.
Worse, if a watered-down version of Bush's plan is what becomes law, there'll be virtually no relief this year. The only tax that would be cut in 2001 is the death tax. And by a mere $152 million, at that.
The meat in Bush's plan, such as cutting the income tax rates, raising the child tax credit and trimming the marriage penalty, wouldn't be on the table until next year.
Even then, the first three years wouldn't bring big cuts, certainly not as big as those projected for the final three years, which would be subject to thewhim of lawmakers in office then.
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- News wire article from: Knight Ridder Washington Bureau (Washington, DC) March 25, 2003 700+ words
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- Senate votes to slice Bush tax cut in half.(Knight Ridder Newspapers)
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...Senate voted 51-48 to slash Bush's tax cut to $350 billion over 10 years...38, a similar push to cut Bush's tax cut in half. But since then Bush...amendments that would restore some of Bush's tax cut money, but chances that they...
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- Magazine article from: Congress Daily AM April 5, 2001 700+ words
...Wednesday to slash President Bush's $1.6 trillion tax cut by $450 billion in favor of...who do not fully support the Bush tax cut have nevertheless backed it...vote that the contest over Bush's tax cut should be compared to the pivotal...
- Senate Trims Bush's Tax Cut, Approves Budget Outline.
- News wire article from: Knight Ridder Washington Bureau (Washington, DC) April 7, 2001 700+ words
...outline Friday that trims President Bush's tax cut to $1.2 trillion over 10 years...of tough lobbying for a bigger tax cut by Bush and Vice President Dick Cheney...Representatives, which left Bush's tax cut intact when it adopted the budget...
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- News wire article from: Philadelphia Inquirer (Philadelphia, PA) June 19, 2000 700+ words
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- Newspaper article from: Knight Ridder/Tribune News Service Kuhnhenn, James April 6, 2001 700+ words
...outline Friday that trims President Bush's tax cut to $1.2 trillion over 10 years...of tough lobbying for a bigger tax cut by Bush and Vice President Dick Cheney...Representatives, which left Bush's tax cut intact when it adopted the budget...
- President-Elect Bush Continues to Push Proposed Tax Cut.(Knight Ridder/Tribune...
- Newspaper article from: Knight Ridder/Tribune Business News Ratcliffe, R.G. January 4, 2001 700+ words
...Lindsey was one of the economists who designed Bush's tax cut plan. Bush's team was caught by surprise when the Federal...Steve Forbes, said Congress will quickly embrace Bush's tax cut plan once the economic downturn becomes undeniable...