Paid for by Gore/Lieberman, Inc.
9
(3) A FAMILY WITH THREE CHILDREN
EARNING $60,000
A couple from Pennsylvania with three children ages 9, 14 and 19 earns $60,000 per year. The
husband manages a small business earning $45,000 and his wife makes $15,000 as an
executive assistant. She is in a training course to learn the computer skills that will allow her to
advance in her job. Their eldest child is in college -- where tuition and fees are $11,000 per
year. The youngest child spends his afternoons in an after-school program. The parents save
$2,000 per year for their retirement.
Gore -
Lieberman
Bush -
Cheney
Difference
Tax Cuts for Working Families
10
Marriage Penalty Relief
$225
$225
+$0
Tax Credit for College
$800
$0
+$800
Tax Credit for Savings
$2,000
$0
+$2,000
Other Tax Cuts
$0
$1,600
-$1,100
Total Tax Cut
$3,025
$1,825
+$1,200
Savings From Fiscal Discipline
11
Mortgage Payment Savings
12
$105
-$415
+$520
Car Payment Savings
13
$10
-$40
+$50
Student Loan Savings
14
$15
-$65
+$80
Total Interest Savings
$130
-$520
+$650
After School
$1,000
15
$0
+$1,000
Training for Computer Skills
$2,000
$0
+$2,000
Total Savings For Families
$6,155
$1,305
+$4,850
10
See appendix for details on tax calculations.
11
Based on the magnitude of the Bush tax cuts and other policies, Deutsche Bank estimates that interest rates would be 0.75
to 0.5 percent higher under Bush's tax cut and spending policies than under the Gore-Lieberman economic plan [Deutsche
Bank, 9/7/00].
12
Assumes a $100,000 home mortgage.
13
Assumes a $15,000 car loan.
14
Assumes a $20,000 student loan.
15
This is the money saved on after-school expenses because they put their child in a new, high-quality, program. The
economic and social value of after-school could considerably exceed this conservative estimate.
