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The Heritage Foundation Report on the Bush Tax Cut Proposal

April 27, 2001

The Economic Impact of President Bush’s Tax Relief Plan

INTRODUCTION

President George W. Bush and Congress are currently engaged in a major debate on the issues of reducing the record-high tax burden and addressing a number of problems in the tax code. The President has proposed to lower marginal income tax rates, reduce the marriage penalty, increase the child tax credit, and phase out the estate tax. The House has passed three tax relief bills: H.R. 3 to reduce marginal income tax rates, H.R. 6 to reduce the marriage penalty and increase the child tax credit, and H.R. 8 to phase out the estate tax.1 The Senate has not yet acted on any tax relief bill.

One element of the debate over President Bush’s tax plan concerns how it will affect household and government budgets as well as the U.S. economy.2 To assess the plan’s economic and budgetary effects and to help frame this debate, analysts in The Heritage Foundation Center for Data Analysis (CDA) conducted a dynamic simulation of the proposals in the President’s tax relief plan. The final results show that the Bush plan would significantly increase economic growth and family income while substantially reducing federal debt. For example:

 Under President Bush’s plan, an average family of four’s inflation-adjusted disposable income would increase by $4,544 in fiscal year (FY) 2011, and the national debt would effectively be paid off by FY 2010.

 The net tax revenue reduction, after accounting for the larger tax base that would result from higher employment and faster economic growth under the Bush plan, is $1.1 trillion from FY 2002 to FY 2011, 33.4 percent less than conventional static estimates.

 The plan would save the entire Social Security surplus and increase personal savings while the federal government accumulated $1.8 trillion in uncommitted funds from FY 2008 to FY 2011, revenue that could be used to reform the Social Security and Medicare systems and reduce the payroll tax.

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Lazy Thermonuclear Weapon

Today I swung my front door open and placed my GE B61 Tactical Thermonuclear device on the front porch. I gave it the plutonium core, and noticing that it had no legs, I decided to place it in a wheelchair to help it get around.

Then I left it alone and went about my business. While I was gone, the mailman delivered my mail, the boy across the street mowed my lawn, a girl walked her dog down the street, and quite a few cars stopped at the stop sign in front of my house.

After about 2 hours, I checked on the warhead. And it was still sitting there in the wheelchair, right where I left it. It had not rolled itself outside and it had not killed anyone even in spite of the many opportunities that had been presented to it, and strangely enough, it had not even armed itself.

Well you can imagine how surprised I was with all the media hype about how dangerous nuclear weapons are and how they kill people.

So either the media is wrong, and it is the misuse of nukes by people, or I’m in possession of the laziest nuclear device in the world.

So now I’m off to check on my spoons, because I hear they make people fat.

Benghazi! Benghazi! Benghazi!

On September 11, 2012, U.S. diplomatic and intelligence facilities in Benghazi, Libya were attacked resulting in the deaths of four Americans, including Ambassador Chris Stevens.

 Prior to the attack the region was subject to massive protests, which spread to more than fifteen countries, over an American produced anti-Islamic video.

 President Obama met with Defense Secretary Panetta and General Dempsey at the onset of the attacks and ordered U.S. military forces to be deployed as quickly as possible.

- Leon Panetta Benghazi Testimony

 “…his (Obama’s) staff was engaged with the national military command center pretty constantly through the period, which is the way it would normally work.”

- General Dempsey

 There was no stand down order.

“There was no “stand down” order issued to U.S. military personnel in Tripoli who sought to join the fight in Benghazi.

However, because official reviews after the attack were not sufficiently comprehensive, there was confusion about the roles and responsibilities of these individuals.”

House Armed Services report

 The Senate Intelligence report and House Armed Services report found no fault with the administration’s military response to the attack. They did site a lack of additional staged security for the 9-11 anniversary and other security failures prior to the attacks.

Senate IC report

 The Senate report states that there is no evidence of significant preplanning of the attack and that it was mostly “Opportunist”

The attack was perpetrated primarily by members of the militant group Ansar al-Shariah, a loose Al Qaeda affiliate in North Africa. The report found no clear evidence of direct Al Qaeda involvement in the attack.

  “It remains unclear if any group or person exercised overall command and control of the attacks or whether extremist group leaders directed their members to participate,” the report said. “Some intelligence suggests the attacks were likely put together in short order, following that day’s violent protests in Cairo against an inflammatory video.”

-Senate IC report

 Independent investigations have also concluded that the attack was at least partially motivated by the anti-Islamic video and the violent demonstrations in the region.

- Benghazi Attack Called Avoidable in Senate Report - NY Times

 Talking points issued by the CIA show that the Administration did not originate the Protest/Video assessment. The original draft was written by CIA Director of Intelligence Analysis, Friday September 14, 2012.

• We believe based on currently available information that the attacks in Benghazi were spontaneously inspired by the protests at the US Embassy in Cairo and evolved into a direct assault against the US Consulate and subsequently its annex.

 The final, unclassified version of the CIA talking points, as provided on September 15, 2012, read as follows:

-The currently available information suggests that the demonstrations in Benghazi were spontaneously inspired by the protests at the US Embassy in Cairo and evolved into a direct assault against the US diplomatic post in Benghazi and subsequently its annex. There are indications that extremists participated in the violent demonstrations.

-This assessment may change as additional information is collected and analyzed as currently available information continues to be evaluated.

-The investigation is ongoing and the US Government is working With Libyan authorities to bring to justice those responsible for the deaths of US citizens.

Senate IC Report