President condemns Democrats' tax plan

February 23, 1992|By Cox News Service

WASHINGTON -- President Bush accused congressional Democrats yesterday of brushing aside his anti-recession plan and substituting a package of tax changes that make "no economic sense."

"They chose politics over duty," Mr. Bush charged in a recorded radio speech.

Last week, House Democrats fashioned a proposal that would cut middle-income taxes by $200 per person and that would raise tax rates for wealthy Americans. The plan also includes a tax cut for future profits on capital investment.

By contrast, Mr. Bush would not raise rates for the wealthiest taxpayers. His proposal, unveiled Jan. 28 in his State of the Union address, calls for tax credits for first-time home buyers, incentives for business investments, and a reduction of capital gains tax rates to about 15 percent.

"My plan works; theirs doesn't," said Mr. Bush. He said the Democratic proposal "borrows $30 billion to pay for a tiny temporary tax cut. For each person in an average family of four, it hands out about a quarter a day -- but only for two years would index capital gains for inflation."

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