Where Bob Dole Stands on Tax Cuts

President Clinton's Broken Promise
Bill Clinton promised a "middle class tax cut" in 1992. But after he took office, he broke that promise and imposed the single largest tax increase in the history of America -- $265 billion.

Bob Dole and Jack Kemp Will Cut Tax Rates for All Americans by 15 Percent
The Dole-Kemp tax cut will reduce rates by 15 percent across-the-board and give an additional $500 per child tax credit while balancing the budget by 2002. That means:

A married couple with two children earning $30,000 will save $1,272 per year
A married couple with two children earning $50,000 will save $1,657 per year.
A married couple with no children earning $50,000 will save $779 per year.
A retired couple with no children earning $60,000 will save $1,727 per year.
A single taxpayer with no children earning $30,000 will save $519 per year.

A $500 Tax Credit for Working Families With Children
Under our present tax code, parents in working families have less and less time to spend raising their children. In fact, government figures show that the average working mother spends more time working to pay her taxes than she spends with her child each work week. A Dole-Kemp Administration will give families the tax relief that they were promised in 1992 and never got.

Under the Dole-Kemp economic growth plan, low- and middle-income families will enjoy a $500 per child tax credit. For every child under the age of 18, a family will see its tax bill cut by $500. That means that a family with four children will see its taxes reduced by at least $2,000.

A Dole-Kemp Administration Will Reduce Taxes for All Americans
The Dole-Kemp 15 percent tax cut is simple, fair, and will apply to every American, regardless of income. Other tax relief provisions of the Dole-Kemp economic growth plan will help millions of Americans who are struggling to get by. The $500 per child tax credit helps families with young children. The deduction for student loan interest helps the parents of college age children. Many retired seniors will gain from the rollback of the Social Security tax hike imposed by President Clinton. The capital gains tax cut stimulate billions of dollars in new investment for and create millions of new jobs. Here's a look at some of the other tax relief provisions in the Dole-Kemp economic growth plan:

• Capital gains tax cut to spur savings and investment;
• Capital gains tax cut for homeowners;
• Expanded Individual Retirement Accounts (IRAs) to encourage savings;
• New IRAs for spouses who work at home;
• Penalty-free IRA withdrawals for higher education;
• Education Investment Accounts to allow more Americans to afford higher education;
• Restored interest deduction for student loans;
• Repeal the Clinton tax increase on Social Security benefits;
• Tax relief for family-owned businesses;
• Tax code simplification for independent contractors and home-based businesses.

A Better America
The Dole-Kemp strategy for economy growth will restore money and power to the real engine of the American economy -- the American people. Their policies will mean higher wages, higher incomes and more take-home pay for all Americans. All workers will benefit from the greater productivity of the workforce and the increased profitability of businesses across America. More Americans will be able to save and invest in the future. More take-home pay and more savings does not just mean a more secure retirement -- they also mean more money for education, medical emergencies and a secure retirement.

Source: Bob Dole 1996 Official Campaign Web Site