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Urban Issues: Economy

by Gotham Gazette Staff, Jul 26, 2004
  • Jobs
  • Minimum Wage
  • North American Free Trade Agreement
  • Taxes

George W. Bush

In May 2003, President Bush signed the Job and Growth Act, which cut capital gains and dividends taxes and gave $20 billion in state aid to create new jobs. The White House says that since August 2003, over 1.4 million new jobs have been created. Bush would continue tax cuts to encourage job growth.

Bush has not proposed an increase in the federal minimum wage, which is currently $5.15 an hour.

Bush supports the North American Free Trade Agreement and says that it has raised the standard of living of the average American family of four by up to $2,000 a year. (Learn more)

Bush tax cuts will total over $1 trillion dollars over six years. New York City receives about $78 billion in tax relief. Bush plans to continue tax cuts in the future. (Learn more)

John Kerry

John Kerry hopes to create 10 million jobs during his first term as president through a series of tax reforms and small business investments. He proposes eliminating all tax breaks that encourage companies to move jobs overseas. He also proposes a New Jobs Tax Credit to encourage companies to reinvest their foreign earnings in the U.S. He wants to double the number of urban business zones that receive tax incentives. He supports private job training centers and promises to expand opportunities for minority and women owned business. (Learn more)

Kerry supports raising the federal minimum wage from $5.15 to $7 an hour. (Learn more)

Kerry voted for the North American Free Trade Agreement, but says that it may need to be amended to keep jobs in the U.S.

Kerry wants to repeal tax cuts for families with incomes above $200,000, and would not raise taxes for any family making less than $200,000 a year. He also supports a State Tax Relief and Education Fund that will help states so they don’t have to make further cuts or raise taxes. Kerry wants to protect the increases in the child tax credit, the reduced marriage penalty, and the new tax bracket that helps people save $350 on their first level of income. (Learn more)

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