Bush now calls for an across-the-board cap on all federal spending (except social security) of approximately 10 percent. He wants to allow taxpayers to earmark up to 10 percent of their income-tax payments to help reduce the deficit.
Bush promises a new tax cut for individuals but won’t say how big it would be. He still wants to cut capitalgains taxes, and he wants new tax incentives for industry. He forecasts 3 percent annual growth in GNP through the mid-1990s.
Bush wants to unify 60 existing government job-training programs into a single national system tied to local private-industry councils. He wants national education standards and tuition vouchers that could be used for private schooling.
Bush wants tax credits and vouchers to help working Americans buy health insurance through the private sector. His plan would provide basic coverage for about 20 million of the 36 million people who now don’t have it.
Clinton says he can save $26 billion in wasteful spending and that the budget will increase by no more than $64 billion by 1996. He says the deficit will be cut in half over the next four years and continue to decline thereafter.
Clinton wants to raise taxes on the wealthy and let the middle class choose between lower income taxes and tax credits for child care. Overall, he says his programs will produce a third more growth in GNP than Bush’s would.
Clinton proposes three major job-training initiatives. The centerpiece is a national apprenticeship program funded by a 1.5 percent payroll tax on employers. He backs education reform but opposes privateschool choice.
Clinton proposes a new universal system of managed health care financed by employers or by taxes on firms that refuse to join. He says he can save $80 billion in waste and limit future cost increases to 3 or 4 percent a year.
