Walter Mondale on Tax Reform

Cut FICA taxes on poor instead of tax cuts for rich

Mondale favors repealing the portions of Bush's 2001 tax cut that help the wealthy, including reducing the top tax rate and phasing out the estate tax. The savings would be used partly to grant a temporary cut in the FICA payroll tax, which would put more money in the pockets of most workers and help stimulate the economy, and partly to reduce the ballooning federal deficit. Source: Eric Black, Minneapolis-St. Paul Star Tribune Nov 1, 2002

Massive tax cuts hurt the economy

The Bush campaign's fundamental issues are the same ones I campaigned against 20 years ago. He's going to cut taxes a trillion dollars, and then by magic, something is going to happen. We've been through that already. We cut taxes hugely. It ran up interest rates, it caused the value of the dollar to soar. We lost our exports. We were once called the bicoastal society. It wiped out agriculture. Now they're talking about doing that again. Source: PBS NewsHour with Jim Lehrer Aug 15, 2000

1984 election: Reagan will raise taxes, and so will I

With the nation facing huge deficits, Mondale told the voters that a raise in taxes was inevitable. "Mr. Reagan will raise taxes, and so will I," he said. "He won't tell you, I just did." It was a disastrous strategy. Reagan promised prosperity, a strong defense, and balanced budgets without raising taxes. On election day, he lost forty-nine states and carried only MN and DC. Assessing the results, Mondale commented, "Reagan was promising them `morning in America,' and I was promising a root canal." Source: Senate Historical Office, Vice Presidents of the US Jan 1, 1997

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