CNN FACT CHECK:Bush says Kerry will raise taxes to pay for ďnew government spending.Ē The Kerry campaign says the figure is ďcompletely false.Ē Kerry has not said he would raise taxes to that degree to pay for his proposals. The $900 billion figure is the Bush campaignís estimate of how much taxes would have to be raised in order to pay for Kerryís spending proposals. Kerryís health plan was estimated to cost between $653 billion and $895 billion. Kerry says he would cut the $500 billion federal deficit in half by 2009. Kerry initially had offered few details about how he would pay for all his proposals, other than repealing the Bush tax cuts for those making more than $200,000 a year. Now, he has added that he would repeal the Bush administrationís capital gains and dividend tax cuts and reinstate the estate tax, which Kerryís campaign said would generate about $860 billion in revenue.
BUSH: Heís just not credible when he talks about being fiscally conservative. If you look at his record in the Senate, he voted to break the spending caps over 200 times. And of course heís going to raise your taxes. You see, heís proposed $2.2 trillion of new spending. He says heís going to raise the taxes on the rich-that raises $800 billion. Now, either heís going to break all these wonderful promises heís told you about or heís going to raise taxes. And I suspect, given his record, heís going to raise taxes.
KERRY: In 1985, I was one of the first Democrats to move to balance the budget. I vote for the balanced budget in Ď93 and Ď97. We did it. And I was there.
BUSH: Yes, heís got a record. You can run, but you canít hide. He voted 98 times to raise taxes. Itís just not credible to say heís going to keep taxes down and balance budgets.
KERRY: The figures of $2.2 trillion just arenít accurate. Those are the fuzzy math figures put together by some group that works for the campaign. Number two, John McCain and I have a proposal jointly for a commission that closes corporate giveaway loopholes. We got $40 billion going to Bermuda. We got all kinds of giveaways. We ought to be shutting those down.
A: Itís a recovery for the people in the corporate boardroom. Itís a recovery for corporations, to some degree, by compacting, by increasing productivity. But if you go across America, itís not a recovery This recovery is a recovery for those people who have stock. Itís a recovery for those people who are able to walk away with the highest salaries. But workers have only seen a three-cents-an-hour increase in their wages.
KERRY: Iím going to do what Clinton did. Iím going to cut the deficit in half in the first four years. Clintonís plan was to balance the budget in 10 years, not the five Governor Dean says. The reason we decided not to do it in five was because it required extraordinary cuts in the things we just talked about doing investing in the city of Detroit, investing in our schools, investing in health care, making our economy move.
KERRY: Going back to the Clinton tax cuts, doesnít create another job, it puts a burden on current predicament of middle-class Americans. They lose their current revenue. Whatís kept Americaís economy moving in the last two and a half years has been consumer spending. If all of a sudden, when weíre trying to recover, we sucked a whole lot of money out of those consumers, we are not going to be able to keep the economy moving. Itís the wrong policy.
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