It is by now very clear that the Bush Administration tax proposals overwhelmingly favor the wealthy. The Democrats have proposed an alternative tax cut that provides much greater tax relief for the middle class. For an analysis of the two tax plans, visit the Citizens for Tax Justice website at www.ctj.org.
We at Prospering in America think that while the Democrats plan is superior, we regard both plans as inadequate and they fail to provide long term and meaningful tax relief to the bottom 80% of Americas income structure. Our proposal is simple double the personal exemption from the current $3,000 for filers who make less than $103,000 to $6,000. The new level of personal exemption should be linked to inflation.
Such an increase is in line with historical standards and provides immediate
and meaningful tax relief. For example, a family of four would have an
additional $12,000 exempt from federal income tax. Try it out when you fill
out your tax form this year and let us know how much tax relief our plan
would create for you.
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This site last updated on Friday, December 10, 2004