Posted on 01/07/2003 11:04:15 AM PST by B-bone
Bush Unveils $674 Billion Economic Plan
CHICAGO (Reuters) - President Bush (news - web sites) on Tuesday proposed a $674 billion boost for a struggling U.S. economy with measures including an end to taxes that shareholders pay on dividends -- a move denounced by Democrats as a politically motivated windfall for the rich.
"I will ask members of both parties to work with me to secure our economic future. We cannot be satisfied until every part of our economy is healthy and vigorous," Bush said in a speech to the Economic Club of Chicago.
The "growth and jobs" package aims to kick-start the U.S. economy by encouraging consumer spending, promoting investment that will create jobs and helping the unemployed.
It will include the acceleration of across-the-board rate cuts, immediate tax relief for married couples and families with children, and bigger incentives for small businesses to invest in new equipment.
In all the White House says it will give 92 million taxpayers an average tax cut of $1,083 this year. Up to 35 million people who get income from dividends could benefit.
Not us!! We made $9,400 dollars off a $600 investment last year! We're eating steak!
That's odd. In all my 401(k)s, my company is contributing stock, and I can contribute money, stock, bonds, or any combination.
After the 2002 election, pollsters said something like 54% of the population plays the market, and the numbers continue to grow daily. That's why they're predicting a new Republican voter generation comming.
We homeschool. We're also forced to pay for a horse that's been dead and decaying for more than a generation!
My 401(k) offers a number of options - stock, T-bills, bonds. The plan, however, only pays out in CASH!
The White House and their posted plan do not tell us about 401(k) plans. I suspect their intention is to not adjust 401(k) "at this time" (if ever!)
You are right that W didn't say anything about eliminating the tax on 401(k) withdrawals and your analysis is correct in that the 401(k) may become less attractive since now just your regular investments can earn dividends without being taxed. However, you still get a tax deferral with a 401(k) versus just direct investment.
$20/week won't get too much, though!
In the dumpster with the rest of the economy.
Dubya's proposal is a farce.
His trade policies will short circuit any trickle-down "stimulus" potential,
and likely promote economic investment, growth and jobs in Mexico, India and China before our own economy.
And as you note, the lack of spending cuts will only serve to compound the revenue shortfall, sinking us further into Debt.
Really? Wow...could I use your broker?
I see the wisdom now in Bush agreeing to the gradual implementation of his tax cuts. Today he was able to say that if those cuts are good enough for Americans three years from now, those cuts are good enough for Americans right now! I saw immediately the incrementalism of his approach, which I did not trust when the tax cut plan was first passed. But back then we had no way of knowing how big President Bush's coattails would be, and how dramatic Republican wins would be on Nov. 5.
You're wrong. I worked for the Feds for 11 years and paid no payroll taxes. I paid into the Civil Service Retirement Fund. Also, nobody in Congress pays payroll taxes on their congressional earnings. A lot of local governmental agencies also have their own retirement systems and they pay no social security taxes.
I've seen no evidence of any such thing. They're up there spending like there is no tomorrow. I'll certainly enjoy an extra grand though (1700 maybe) but without corrosponding cuts in spending they'll just take it back when the rent comes due.
EBUCK
Hell, we'll take it! That's $1,040 per yr.
Put that in the market like we did our $600, and using our "passion with presision", we could turn that into quite a chunk of cash! I have noooooo complaints!
We don't use a broker. We use this here 'ol 56K dial up.
He will be hoisted on his own catalytic converter!
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