Protecting Seniors from Double Taxation
Removing or reducing double taxation will lead to more jobs andhigher living standards, will make America more competitive in theglobal economy, and will simplify the tax code.
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Removing or reducing double taxation will lead to more jobs andhigher living standards, will make America more competitive in theglobal economy, and will simplify the tax code.
Senator John Kerry's tax plan slows economic activity until 2011,when it generally adopts President George Bush's approach ofpermanent tax cuts. Even so, the Bush plan consistently outperformsthe Kerry plan. President Bush relies on supply-side tax changeswhile Senator Kerry focuses much of his attention on demand-sidepolicy with targeted tax policy changes that yield the unintendedconsequence of producing a tax cut for high-income taxpayers after2011.
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American workers could accumulate wealth in the thousands (in some cases, hundreds of thousands) of dollars through a Social Security reform that includes personal retirement accounts. This increased wealth would be in addition to a maintenance level of Social Security benefits and could help millions of parents, their children, and their grandchildren to attain greater economic security and independence through their own personalized retirement assets.