Congressional Democrats came forward Thursday with their own set of principles that they believe should be applied to any tax cut measures that proceed through Congress.
Senate Minority Leader Tom Daschle (D-SD), announced the Democratic plan which contains three basic ideals:
- The American people deserve a major tax cut. This tax cut should be an honest responsible tax cut, part of a balanced budget that protects Social Security and Medicare and invests in prescription drugs, education, and other critical priorities.
- The tax cut must be fair to all Americans.
- The tax cut must allow the country to continue to pay down its debt.
Senator Daschle went on to say that he believes the proposed Bush tax cut is unfair because it favors the rich by providing the wealthiest 1% of the population with 43% of the benefit.
House Minority Leader Dick Gephardt (D-MO) chimed in with his complaint that the Bush plan favors the wealthy, will result in higher interest rates, will bring rapid insolvency to Social Security and Medicare, and offers no solutions to problems with public education and prescription drugs.