A new administration is about to take office. I certainly hope the Bush team rethinks the proposed 10-year $1.3 trillion tax cut which gives the wealthiest top 1 percent some 30 percent of the cut. They're starting at the wrong end.
We've been through trickle down economics and it doesn't trickle down. A more progressive approach would be to increase the standard deduction and personal exemptions. The people that benefit the most from this adjustment would rapidly put a large portion of it back into the economy.
There is no question that our economy would be stimulated and modest improvement would be made in the standard of living for low and middle income taxpayers. In conjunction with this, it is important to stay focused on the national debt. With about 10 cents on every tax dollar going to service the debt, reducing the debt and the attendant debt service will result in a savings for everyone.
I still haven't been able to sort out how we can have a $5.6 trillion debt and at the same time have a surplus. If I owe more than I've got, I don't call it a surplus. I realize it's based on projections. All I can say is, don't count on it.
William McKenna, Augusta
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