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69 IRET Policy Bulletin 1 (1996)

handle is hein.taxfoundation/iretpbul0028 and id is 1 raw text is: October 15, 1996 No. 69 THE CLINTON ECONOMIC PLAN: CONTINGENT PROMISES AND HIDDEN BURDENS In his acceptance speech at the Democrat's convention, President Clinton promised several tax cuts that, he said, would be pro-growth, targeted to deserving groups, and responsible in terms of their revenue costs. He did not talk about his proposed tax increases, almost all of which would be collected at the business level. The majority of the tax requests, both reductions and increases, were included in the budget that the Administration submitted to Congress last March, but the President introduced several additional proposals in June and August. Although the President declared, [My plan gives Americans tax cuts that will hel) our economy to grow, of the provisions would not do that... Few of the Administration's proposed tax cuts would soften tax biases against productive efforts. The main tax cuts comprise a middle class tax relief package consisting of a child credit, tax assistance for higher-education expenses, and expanded individual retirement account (IRA) eligibility. These cuts would expire at the end of the year 2000 unless the budget deficit is lower than the Congressional Budget Office (CBO) expects. The increases the Administration seeks have received much less attention. Individually, they are smaller than the proposed reductions, but they are more numerous. In evaluating the Administration's proposals, a number of questions should be asked. Are the tax changes the Administration is proposing consistent with sound tax principles? Would the changes facilitate economic growth? Would they tighten or loosen government control over the economy and society? Is narrow targeting a desirable means of implementing tax policy? 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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