Excerpt from Bill Clinton’s Remarks in the October 11, 1992, Presidential Debate
Governor Clinton: My plan, notwithstanding my opponent's ad, my plan triggers in at gross incomes, family incomes of $200,000 and above. And then we want to give modest middle-class tax relief to restore some fairness, especially to middle-class people with families with incomes of under $60,000.
In addition to that, the money that I raise from upper income people and from asking foreign corporations just to pay the same income on their income earned in America that American corporations do will be used to give incentives back to upper income people. I want to give people permanent incentives on investment tax credit like President Kennedy and the Congress inaugurated in the early sixties to get industry moving again; a research and development tax credit; a low-income housing tax credit; a long-term capital gains proposal for new business and business expansions.
We've got to have no more trickle-down. We don't need across-the-board tax cuts for the wealthy for nothing; we need to say, here's your tax incentive if you create American jobs the old-fashioned way.
Use the excerpt to answer the question.
Based on Bill Clinton’s remarks during the 1992 presidential candidates’ debate and your knowledge of the election, how did Clinton’s economic proposal compare to the ideas of George H. W. Bush and Ross Perot?
1. explain Clintons economic proposal,
2. Explain Bush’s economic proposal, then
3. Explain Perot’s economic proposal.
4. How did Clinton’s compare to Bush and Perot?
1. Bill Clinton proposed a plan that would provide tax relief for middle-class families with incomes under $60,000, while also raising taxes on those with incomes over $200,000. The additional revenue generated from this tax increase on higher-income individuals and foreign corporations would be used to provide incentives for investment, research and development, low-income housing, and business expansion.
2. George H. W. Bush supported across-the-board tax cuts for all income levels, including the wealthy. He believed in the concept of trickle-down economics, where cutting taxes for the wealthy would stimulate economic growth and benefit all income levels.
3. Ross Perot focused on reducing the federal deficit and balancing the budget. He proposed a combination of spending cuts and tax increases, including a gas tax, to achieve this goal. Perot also advocated for increasing government efficiency and reducing waste.
4. Clinton's economic proposal was focused on providing targeted tax relief for middle-class families and using tax incentives to promote investment and job creation. This differed from Bush's across-the-board tax cuts for all income levels and Perot's emphasis on deficit reduction through spending cuts and tax increases. Clinton's plan was more aligned with providing specific incentives for economic growth and targeting tax relief to benefit middle-class families.