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Friday, May 6, 2016

Is Bush tax cut a boon, or a bust?

Friday, March 16, 2001

Jury is still out in NW Iowa opinion.


Pilot-Tribune Staff

What will President Bush's across-the-board income tax cut plan mean for Iowa? For some in Buena Vista County, it is still too early to decide.

"Right now I don't know how much it will affect small business, which is very important here," said Jerry Braunschweig of Alta, who is self-employed.

However, tax relief is always welcome. "I think any time you can get tax relief at the federal level, it can help on the local level," Braunschweig said.

In the coffee shops of Buena Vista County, talk of the chances of tax breaks at both the state and federal level have been hot topics. Some say that without tax cuts to spur consumer spending ability, the state and country will go into a recession. Others argue that too much of a tax cut will compromise state and federal budgets and cause people to lose services. Still others suggest the plan is targeted to help mainly the wealthy.

The Bush plan flew through the House, but came to a "screeching halt" in the Senate. Senator Chuck Grassley said it will be May before a Senate committee starts work on its version of Bush's 10-year, $1.6 trillion tax cut package.

"Tax legislation flows like a river. It starts in the House, where it's like a river in the mountains, swift-moving and even a little rough. As it reaches the Senate downstream that river moves a lot slower, and calmer," Grassley said.

Read the rest of this story in the 3/15 Pilot Tribune.

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