Newspapers / Meredith College Student Newspaper / Sept. 30, 1992, edition 1 / Page 3
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page three September 30, 1992 Campus Editorial Point Counterpoint by Amy Duffy Depression, disaster, and indif ference: three words which best de scribe the economy during the last twelve years of Republican reign. This is the viewpoint which has been adopted by Democratic presidential candidate Bill Clinton and his party. Under the misguidance of President Bush, we have seeped into a reces sion so deep that working, middle- class families have been trapped in a vise. Bill Clinton’s plan for tax re form seeks to undo the damage which has been wrought. According to Clinton, the middle-class has been carrying the heaviest economic bur den while being forced to take low- paying, often benefit-less jobs in or der to support their families. In es sence, they worked harder while pay ing higher taxes, therefore getting nowhere. Meanwhile, the Republicans, while spouting their rhetoric on “fam ily values,’’ have at the same time turned their backs on the American family by taking a hands-off approach to repairing our battered economy. Bill Clinton thinks it’s time to re member the forgotten middle-class. Governor Clinton has been quoted as saying, “It’s time to put people first.” It is the hope of many that Governor Clinton’s new economic plan, in which he lessens the tax burdens on the middle class, will lead this coun try back to prosperity. One of the intial steps in Bill Clinton’s plan for tax reform, as writ ten in his 1992 Democratic Platform, is to decrease the tax burden on the middle-class by as much as ten per cent. Clinton would raise the taxes on those earning in excess of $200,000 annually by hiking the current tax rate of 31 percent up 5 percent. Bill Clinton would also in crease the amount of minimum tax owed by upper-class taxpayers who take many deductions and would also place a surtax on those in comes which exceeded $1 million a year. The money created would be used to create the aforemen tioned tax breaks for the middle- class. Many view Clinton’s plan as a highly feasible solution. The “trickle-down theory” of econom ics where the wealthy, by spend ing, stimulated and better the economy is not feasible. Only by increasing their taxes will money be tunneled into the economy and burdens on the middle-class less ened. In addition to domestic tax policies, Clinton would work to ensure that foreign companies would pay their fair share of taxes and strive to eliminate loopholes which often allow companies over seas to weasel their way out of paying the taxes. Clinton has esti mated that this policy could raise $45 billion over the next four years. This money could be used to better the much needed social programs that have been neglected in the past years. The team of Bill Clinton and A1 Gore would also initiate legisla tion which would disallow tax de ductions for lobbying expenses. This policy, says Clintion, “would see CLINTON page seven Mark your calendar now! SGA Forum Thursday, October 1 6-7 p.m. 103 Joyner by Sonali Kolhatker Once again it’s show time in Washington. Bill Clinton is joining the Democratic bandwagon to persuade the American public he can do something inventive and boost the economy to new “heights.” Our president has al ways been adept and sincere about the American person’s plight. Bush prom ises that he will not go along with another Democratic tax increase, say ing, “I have done it once. I’m not doing it again, ever. Ever.” Bush expresses his regret over the tax increase he ap proved in a budget deal with the Demo crats. Clinton is only focusing on his plan to save the middle-class. Bush is worried about the American family and their plight in this slow economy. He wants to stimulate the economy and give jobs to the people. President Bush blames most of the country’s economic troubles on a blind Congress. They have refused to help a faltering economy. They have refused to pass his bills and programs to help the public. Bush also attributes the recession to the global recession. If the world economy becomes stimu lated, then the U.S. economy will too. Bush hopes to have a mix of tax and spending cuts that will enable him to put money into more social programs. Bush wants a government that spends less, regulates less, and taxes less. With new trade pacts, they will help to lead our nation and others to strengthen the world economy. First of all, Clinton has probably not made the public aware of some of the issues that he and Bush have in common. Both Bush and Clinton do not want to permit an IRA dedcution for everyone. They both also want to cutthe capital-gains tax rate. However, Clinton does not want to give the American public the chance to write off health insurance premiums. For the folks that have had illness strike during the turmoil in Florida due to the hurricane, Clinton is in trouble. This bill will help people to be able to have more write-offs with their health coverage. This type of write-off will help to boost money back into the pockets of the middle class. The typi cal middle-class family will reap the benefitof$167 annually from Bush’s new proposals. Bush also wants to increase the tax exemptions for children and to cut the tax on captial gains. Budi hopes that a drastic cut in the captial gains from the sale of stocks, bonds, and other assets will reduce part of the deficit. In fact, 60% of those who will profit from this cut will be those families who have an average in come of $50,000 or less. However, the Democrats want to restrict the benefits of the captial gains cut to only those in the lower income ranges. If this occurs, then the purpose of the capital gains will be nullified. The purpose of capital gains is to stimualte the economy, so if it is given to people who cannot put it back into industry, then there is no stimulus. Bush is hoping that Congress will allow a 1% reduction in the tax rate. The Treasury Department says this rate will be worth $261 annually to the typical middle class income of $43,000. Bush has also set the goal that he will double the nation’s $6 trillion to $10 trillion. Another main plan Bush wants see BUSH page seven Little German Band Join the Meredith College Little German Band. If you play the clarinet, tuba, baritone, trombone, saxophone or accordian, andyou are interested in getting together with other members of the Meredith community, call the Office for Student Development, 829-8350, or stop by 103 Johnson Hall.
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