Today on the campaign trail in South Carolina, Jeb Bush will be joined by former President George W. Bush. Many will remember his brother’s disastrous foreign policy entanglements, but his economic policies and record were no better. George W. Bush presided over massive and ineffective tax cuts that exploded the deficit, as well as huge job losses and the worst economic crisis since the Great Depression.
As much as George W. Bush’s failed policies were a train wreck for America’s families, many of today’s Republican candidates for president are advocating even more damaging agendas that will not produce economic benefits for most Americans.
GOP presidential hopefuls propose to “to cut taxes for the wealthy by far more than President George W. Bush ever did.” Marco Rubio, for example, wants to eliminate taxes on capital gains and dividends, while Bush only “cut them by a few percentage points.” Under Jeb Bush’s tax plan, the Tax Foundation “estimated that the highest 1% of earners would see an 11.6% boost in take-home pay versus just 1% to 3% gains for everyone in the bottom 80%.” Both Rubio and Bush would also do away with the estate tax, “which only applies to inheritances worth over $5.4 million.” These moves do not come without consequences: they show a “renewed willingness on the GOP side to rack up debt in order to finance sweeping tax cuts.”
“The failed economic policies of the George W. Bush years pale in comparison to the agendas of Republicans currently vying for their party’s nomination. Make no mistake, the GOP’s presidential hopefuls are all doubling down on strategies that once exploded the deficit and benefitted the very few at the top, while leaving everyone else behind.” – DNC Press Secretary Mark Paustenbach