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Essay / Research Paper Abstract
This 5 page paper looks at George W. Bush's tax cut plan and evaluates its impact over the next five to ten years. The impact on Social Security is also discussed. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: RT13_SA212cut.rtf
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Unformatted sample text from the term paper:
new taxes promise, certainly George W. Bushs legacy will include the fact that he did provide tax relief, particularly for the middle class. It began as a tax refund of
approximately $300 per person as the cut was retroactive. Yet, over the next five or ten years, Bushs tax cut plan should make a great difference when individual tax forms
are filled out. It should also make a significant difference in the overall economy. Up until recent days, George W. Bush preferred to have people view his tax cut
as a five-year, $485 billion (Dwyer, 2000, p.57) plan, in spite of the fact that, when fully implemented, it is expected to cost about $1.3 trillion (2000, p.57) over ten
years time. No matter how one looks at it, the tax cut is large and over a ten year span, will provide a great deal of changes for America. Spratt
(2001) explains that the new budget figures suggests that over time, Social Security and Medicare Trust Fund surpluses will be touched as the government taps into $29 billion (2001, p.PG)
for the former and $9 billion (2001,p.PG) from the latter. It has been predicted that over a five year period, the tax cut would force as much as $30 billion
(2001,p.PG) from the Social Security Trust Fund along with $170 billion (2001, p.PG) from Medicare. Obviously, a serious concern is how the tax cut will affect Social Security and
Medicare, staples that current seniors now rely on. Social Security has been a hot political football, and one of Gores pledges was that he would put Social Security in a
"lock box." Obviously, with the new tax plan, sacrosanct budgets such as Social Security will be altered. While some of the money will come from these sacred sources, another
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