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Commenting on the Reagan tax cut, Toscano maintained that savings to low and middle income people had been more than balanced by Social Security increases. “It’s going to make the deficit higher. The Reagan tax cut is going to cost $748 billion over the next five years and that money is going to have to be made up some way. One way is to borrow money and that widens the deficit.” The way the tax cut stands, it benefits the rich, Toscano maintained. As an alternative, he proposed capping the cut at $700. the savings on an income of $40,000. Then individuals who make more than $40,000 will still only get a $700 reduction in their tax bill. "That would save $20 billion in the first year. That’s one-fifth the deficit. It's not the best of all possible worlds but it would give people some extra money.” Toscano said.
The underdog in the 7th District race maintains that the Reagan administration’s economic program is a dismal failure as measured by the highest unemployment rate in 40 years, high interest rates and the highest business failure rate for *ry year since the Depression. “And I don’t see the Democrats even trying to come up with alternatives,” Toscano stressed.
Agrefc or disagree with his policies, David Toscano has offered alternatives. As his campaign literature says, “At last, you have a choice.”
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