Plagued by a weak economy, an anemic stock market and slow growth, America is in desperate need of pro-growth economic measures. President Bush’s new tax relief plan will provide this imperative economic stimulus while allowing all American taxpayers to keep more of their earnings. It is a bold, meaty package that is both fundamentally fair and economically sound.

Abolishing the double taxation on dividends is the cornerstone of the president’s new tax relief package. Currently, the same dollar is taxed twice, once as a corporate profit and again as a dividend payment. This hurts more than eighty-four million Americans who invest in the stock market. Sadly, this unfair practice hurts our senior citizens the most, for more than half of taxable dividends go to seniors. Eliminating the double tax on dividends will revive the stock market and encourage investment in a climate of uncertainty.

The new Bush tax cuts will accelerate the tax relief from the president’s 2001 plan. Instead of waiting for the 2001 cuts to be phased in over several years, Bush’s new proposal calls for immediate tax relief. Why not provide the full stimulus now when a shot in the arm is needed most? When the marginal rates drop, workers will see their paychecks rise, ensuring that consumption continues to grow. Small businesses will retain more of their profits, allowing them to invest in new equipment and hire new employees. The Bush tax relief plan will energize the economy.

Partisan Democrats will engage in class-warfare politics, peddling the misleading argument that Bush’s tax cuts are tilted toward the rich. In reality, the Bush tax relief plan is more, not less, progressive. Proportionately, the rich get a smaller share of the Bush tax-cut pie than do middle-class taxpayers. The share of federal income taxes paid by Americans who make more than $100,000 a year will actually rise. The share paid by those who make less than a six-figure income will decline. The President’s plan is directed toward working families. It accelerates Marriage Penalty relief, raises the Child Tax Credit from $600 to $1,000 this year and moves several million Americans into the lower 10-percent tax bracket immediately.

Like Presidents Reagan and Kennedy, George W. Bush has embarked on a bold tax cut initiative to create jobs and speed economic recovery. JFK wisely said, “It is a paradoxical truth that when tax rates are too high the economy will never produce enough jobs or enough revenues to balance the budget.” President Bush’s proposed tax-cut is an essential step toward putting the nation’s economy back on track. In response, obstructionist Democrats will do little more than resort to class-warfare attacks while offering impotent and ineffective policy innovations of their own. I welcome the fight.

Ryan Fitzgerald is a senior in the College. He is a member of the Georgetown University College Republicans.

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