Edwards Says Bush Will Eliminate Tax Deductions for Home Mortgages, Charity, and Health Care; Says Bush Tax Plan as Dangerous as Socialism, Will Further Endanger Working Families and Middle Class

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Edwards blasted Bush’s economic policies and tax agenda and said the Bush Tax Plan will eliminate the tax deduction for home mortgages, charity, and health care. Edwards outlined a detailed Kerry-Edwards plan for economic recovery that would cut taxes for working Americans, end tax breaks for companies creating jobs overseas, and cut taxes for 99 percent of businesses. Edwards said that the Bush administration's policies have helped the wealthy to protect their wealth at the expense of the middle-class and working families. Edwards called the Bush Tax Plan as dangerous as Socialism to our democracy and free enterprise system.

Democratic nominee for vice president John Edwards blasted the Bush administration for destroying the strength of the middle-class and weakening the American economy.

Delivering his major economic address in Cleveland, Edwards said, "The president has spent the past four years working to shift the tax burden onto people who work, while eliminating taxes on unearned income. The Bush administration’s new 'tax reform' plan, as revealed in a memo released by his former Treasury Secretary, is a reckless continuation of the President’s history of serving special interests on the backs of working Americans."

"The President’s plan will raise taxes on typical families and take away deductions for home mortgages, charity and health care, hurting middle class families even more than before and rewarding special interests."

“The President’s new ‘tax reform’ is the ultimate expression of his values,” said Edwards. “We don’t know all of the details, but we know that people who inherit hundreds of millions will pay nothing; firemen and waitresses and working people will pay everything. And we know his plan will take away the most important incentive for the single most important form of ownership: it will eliminate entirely the tax deduction for home mortgage interest.”

Edwards pledged to fight every day for an economic plan that will unleash the productive powers of America’s workers and companies, create millions of good-paying jobs and strengthen the middle class.

“Make no mistake. Bush’s tax agenda is the most radical and dangerous economic agenda to hit our shores since socialism a century ago,” said Edwards. “Like socialism, it corrupts the very nature of our democracy and our free enterprise tradition. It is not a plan to grow the American economy. It is a plan to corrupt the American economy and shrink the winners circle.”

In his speech, Edwards criticized the current administration as a Do-Nothing Presidency when it comes to creating jobs, bringing down health care costs or helping young people go to college. Edwards said President Bush’s wrong choices have hobbled the economy and destroyed the historic strength of the middle class.

Edwards said that all of America has been squeezed by the Bush economy over the last four years, with record job losses, skyrocketing costs and falling incomes. The disastrous state of the economy is the result of President Bush’s failed leadership and dangerous ideology, noted Edwards.

"George W. Bush has not fought against this tide of job loss. He has not enforced our trade laws and has failed to address Chinese currency manipulation, putting American businesses at a disadvantage. While the Bush administration praised outsourcing as an economic strategy, thousands have seen their jobs shipped overseas."

Edwards also criticized the President’s new tax agenda as corrupting American values. “It’s time to return to the idea that made this country great,” said Edwards. “Instead of helping wealthy people protect their wealth, we should reward the work of America’s middle class.”

Edwards pledged that he and John Kerry would create an economy that would honor work and responsibility, rather than wealth. The Kerry-Edwards plan rests on the idea that the middle class is the engine that drives the economy. Kerry and Edwards will create real economic growth by strengthening and expanding the middle class.

The Kerry and Edwards plan is to create a stronger American economy. They plan to create good-paying jobs in America by ending tax breaks for companies creating jobs overseas and by cutting taxes for 99 percent of businesses. They plan to help middle class families with tax cuts and to lower health and energy costs. They plan to restore America’s competitive edge by ending energy dependence and by investing in more research and development. And they plan to restore economic confidence by cutting the deficit in half in four years, and paying for every proposal.

“This plan will strengthen and expand the middle class so that the American dream of building something better is never replaced with the dream of just getting by.”

“John Kerry and I will put America back on a virtuous path where work is rewarded, the middle class expands, and the American Dream is there for all who are willing to work for it,” said Edwards.

For more details on the Kerry-Edwards plan for Economic Recovery, go to http://www.johnkerry.com/issues/economy/

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Phillip Paradis
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