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68 IRET Policy Bulletin 1 (1996)

handle is hein.taxfoundation/iretpbul0027 and id is 1 raw text is: October 15, 1996 * - No. 68 STRENGTHS AND WEAKNESSES OF THE DOLE ECONOMIC PLAN In explaining what his agenda would be should he be elected President, Bob Dole has presented a plan that emphasizes smaller government. According to Mr. Dole, the U.S. government has become too large and too intrusive in people's lives. A major part of his program for reducing the government's role is to trim the federal income tax. A campaign document declares, The American people are over-taxed. And our tax system is too burdensome, too complex, and anti-growth.1 In explaining what his agenda would be should he be elected President, Bob Dole has presented a plan that emphasizes smaller government... A major part of his programn for reducing the government's role is to trim the federal income tax. Some of Mr. Dole's income tax proposals are to reduce individual income tax rates by 15%, establish a $500 child credit, cut the capital gains tax in half, roll back the 1993 tax increase on social security benefits, and create a new class of individual retirement accounts. The staff of Congress's Joint Committee on Taxation (JCT) estimates that the package would cost the federal government $545 billion over the six year period 1997-2002, which is very close to the $548 billion that Mr. Dole's advisers estimate. The rate reduction accounts for 74% of this, the child credit for 14%, and all the rest accounts for 12%.2 ' Bob Dole for President, Fact Sheet, Restoring the American Dream: Bob Dole's Pro-Growth Plan for America's Families, August 5, 1996. 2 For detailed descriptions of the proposals, see Joint Committee on Taxation, Staff Description of Tax Cut Proposals in Republican Presidential Candidate Bob Dole's Economic Plan, Released by House Ways and Means Committee, August 8, 1996, Reprinted in Daily Tax Report, August 12, 1996. Institute for IRET is a non-profit, tax exempt 501(c)3 economic policy research and educational Research organization devoted to informing the public about policies that will promote on the economic growth and efficient operation of the market economy. Economics of 1730 K Street, N.W., Suite 910 * Washington, D.C. 20006 Taxation (202) 463-1400 * Fax (202) 463-6199 e Internet www.iret.org

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