Sign in Subscribe
Bush, George W.

Lazio Distances Himself from Bush's Tax Cut Plan with Own Proposal

Strategic Insights

— 2 min read

Representative Rick Lazio is moving away from Governor George W. Bush's tax cut plan, unveiling his own package of business and personal tax reductions. Lazio's proposal, which would use a projected $4.4 trillion, 10-year surplus, includes allowing taxpayers to deduct the payroll tax from their federal income taxes, reducing the marriage penalty, and eliminating part of the tax on Social Security benefits. This would save the average New York family about $3,000 a year in taxes, according to Lazio's campaign. Lazio's speech today marked a shift in his campaign, as he began to flesh out his political portrait and move away from Bush's tax cut plan.

Key Takeaways:

  • Rick Lazio's tax cut proposal would cost $776 billion over the next 10 years, significantly smaller than George W. Bush's tax plan.
  • Lazio's plan includes allowing taxpayers to deduct the payroll tax from their federal income taxes, reducing the marriage penalty, and eliminating part of the tax on Social Security benefits.
  • Lazio's proposal would save the average New York family about $3,000 a year in taxes, according to his campaign.
  • Lazio's plan would deal with a projected $4.4 trillion, 10-year surplus, whereas Bush's plan uses the same surplus.
  • Lazio's campaign calculates that his plan would allow taxpayers to deduct the payroll tax from their federal income taxes, affecting the payroll tax that finances the Social Security Trust Fund.
  • Lazio's speech today marked a shift in his campaign, as he began to flesh out his political portrait and move away from Bush's tax cut plan.
  • Lazio attributed the nation's economic well-being to tax cuts initiated by President Ronald Reagan and actions by the Federal Reserve to control interest rates.

Statistics:

  • Lazio's tax cut proposal would save the average New York family about $3,000 a year in taxes.
  • Lazio's proposal would cost $776 billion over the next 10 years.
  • George W. Bush's tax plan would cost $1.3 trillion over 10 years.
  • Al Gore's tax plan would cost around $500 billion over 10 years.
  • The projected $4.4 trillion, 10-year surplus would be used to fund Lazio's tax cut proposal.

Sources:

  • "Rick Lazio Leaves Trail of Uncertainty in Senate Ads on Economy" by Elisabeth Bumiller (New York Times, August 30, 2000)
  • "Candidates Offer Rival Tax Plans as Senate Ads Ponder Benefits and Tax Cuts" by Elisabeth Bumiller (New York Times, September 6, 2000)
  • "Lazio Proposes Tax Cuts and Plans to Deduct Payroll Tax" by Jennifer Steinhauer (New York Times, September 5, 2000)

Read more