To resounding applause, Republican presidential nominee George W. Bush's acceptance speech last night promised national unity and pledged to reform Social Security and cut taxes.

"Now is the time for Republicans and Democrats to end the politics of fear and save Social Security together," he said. Bush said that he would not allow Social Security trust funds to be used to pay for other government programs. In addition, he wants to allow workers to invest part of their payroll taxes in stocks and bonds.

Bush's tax cut plan is estimated to return $500 billion to taxpayers over five years, $1.3 trillion over 10 years. He would replace the five current tax brackets with four lower ones, and extend the charitable deduction to taxpayers who do not itemize deductions. Bush would double the child credit to $1000 a child, and increase the annual contribution limit on educational savings accounts from $500 to $5,000. The candidate has also pledged to eliminate the estate tax, and to restore the 10 percent tax deduction for two-income married couples to reduce the marriage penalty.

Republicans Say They Have More to Gain with Clinton Veto of GOP Tax Cut Bills

GOP lawmakers agreed this week at the Republican National Convention that if Clinton vetoes marriage penalty tax relief, estate tax relief and pension reforms, party distinctions would be drawn and Republicans would benefit in the November elections.