CCAGW Lauds Bush
CCAGW Lauds Bush Stimulus Measure
Tax cuts should be accompanied by cutting back wasteful government programs
(Washington, D.C.) - The Council for Citizens Against Government Waste (CCAGW) today applauded President Bush's $674 billion economic stimulus as a positive step towards economic stimulation and tax simplification.
"The president's proposal to end double taxation of dividends and accelerate the 2001 tax rate cuts makes economic sense and will be a win for taxpayers, investors, and the economy as a whole," CCAGW President Tom Schatz said. "We urge Congress to move quickly to enact these reasonable proposals, which amount to $67 billion annually, a drop in the bucket in a $10 trillion economy."
CCAGW also countered those who claim the U.S. cannot afford tax reduction.
"Over the next decade, the federal government will spend about $30 trillion by current estimates," Schatz continued. "This stimulus package represents approximately 2.2 percent of total outlays, which will only be missed by the big-spending status quo in Washington. The bottom line is, without strong economic growth and job creation, budgets will never balance. With growth, fewer people depend on government services, more receipts flow into Uncle Sam's coffers, and balance is restored. While the President's plan is substantial, the economy would be given an even greater charge by including a reduction in the capital gains tax, as well as making the 2001 tax cuts permanent."
"In addition to the stimulus plan, CCAGW urges President Bush to build on the bold steps he has taken to restrain spending and make additional reductions in federal outlays," Schatz continued. "The President should continue to focus attention on the thousands of outdated, duplicative, unnecessary, and poorly administered government programs and agencies. By CAGW's tally, across-the-board government reform would save $1.2 trillion over the next five years alone. The White House should not only fight to reinvigorate the economy, but restore America's government to a more appropriate size and shape."
The Council for Citizens Against Government Waste is the lobbying arm of Citizens Against Government Waste, the nation's largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.