I'm Pete du Pont with the National Center for Policy Analysis. Ok, the FED has cut interest rates, so there's no more need for a tax cut like the one George W. Bush has proposed, right?
Wrong. It takes months for the rate cut to have an impact. And in any event, comparing it to a tax cut is apples and oranges.
The tax cut is morally right. The Feds are taking a bigger chunk of your money than ever before. And the government has a surplus. History shows a tax cut will spur the economy. And speaking of history, we've heard the complaints about an across-the-board cut before: That it's a gift to the wealthy, that we can't afford it. But Ronald Reagan cut taxes anyway, and the economy boomed.
And the democrats' argument that a tax cut only helps the rich? Exit polls after the election showed voters actually considered policy when they voted for Bush, and along with social security reform they endorsed the tax cut proposal. It may not play well with democrat legislators or the liberal media, but taxpayers like it.
Those are my ideas, and at the NCPA we know ideas can change the world. I'm Pete du Pont, the burden of bad ideas.