February 03, 2003

The Reagan plan was to lower tax rates and drive the economy towards a flat tax rate. Bush is on the same path. In fact his vision is much more sophisticated and elegant than Ronald Reagan's. George W. has focused on the issue of double taxation. He correctly argues that it is unfair to tax income twice. What is truly impressive about President Bush is that he has understood the economic implications and political implications of eliminating the double taxation of dividends. In fact he has gone beyond the double taxation of dividends that his advisors recommended. His goal is to eliminate most of the capital gains taxes and the complete elimination of the death tax. His recent proposal of Lifetime Savings Accounts is a great start. The only improvement would be lifting the $7,500 contribution cap, which would effectively eliminate the double taxation on savings.

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