Gore's Tax Break Dance
Democratic presidential candidate Al Gore is promising $500 billion in tax relief over a period of 10 years to help middle-class Americans pay for tuition, buy health insurance and save for retirement. The proposal was originally outlined at half the price, but as projected government surpluses grew, so did Gore's plan.
Although the vice president's plan ups the ante in the tax-cutting debate, Gore's package is still dwarfed by what George W. Bush has in mind. The Texas governor wants to cut taxes by $1.3 trillion over 10 years, while Gore says the country can't afford it.
Gore's Tax Relief Package |
Gore's cuts would be more targeted, aimed at the heart of poll-tested issues such as education, health care and retirement savings.
Bush is forging his own brand of Reaganomics; Gore is an apostle of Clintonomics.
"Here's what I won't do: I won't be profligate with your money," Gore said Tuesday. "I won't spend money that we don't yet have on a huge tax cut our economy can't afford, in ways that could end our prosperity and progress."
In that speech, Gore outlined a new initiative to establish tax-free voluntary retirement accounts that would supplement Social Security. He did not provide the cost or the details behind the proposal.
Wrapping up the first week of his "progress and prosperity" tour - designed to convince voters that he deserves some credit for the nation's soaring economy - the vice president is set to unveil his package in Cincinnati on Thursday. Polls show Bush hlds a slight lead over Gore in Ohio, a key state for both candidates.