Bush Unveils $674 Billion Economic Plan

Reuters via Yahoo ^ | 1/7/03

[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.

[Moonman62]

The president's plan isn't the best, but it isn't the worst either. After listening to his speech, it's clear that he still thinks all of us peasants still work in factories, though.

[gov_bean_ counter]

Not only that well over 50 percent of seasoned citizens invest. The response should be that the Dems want seniors to choose between paying taxes and buying medicine.

[grobdriver]

What about the death tax?

[YaYa123]

CNN's Lou Dobbs looked stunned as he called Bush's speech "Bold". "Bold".... Jim Ellis of Business Week agrees, but he wouldn't agree that it would be effective. , Lou Dobbs says he was surprised at it's boldness. "Big gamble" says Ellis, "is most of the benefits are going to be in the off years." (Whatever that means). Judy Woodruff says the House has it's own plan, and interviews John Edwards within in just a few minutes of the speech ending. "is the president right", she asked John Edwards. "No" says Edwards..."this is a taxcut for the rich."... "it's an enormous budget buster" says Edwards. The president's plan is "loaded up for the richest Americans instead of putting help in the hands of the ones who need it...and it's not fiscally responsible.", says Edwards. "What they're doing is put ornaments on it, but it's not helping normal people. He's accelearating taxcuts for the rich."

John Edwards is so fullofshit..his eyes are brown....and so predictable, I'msorry I bothered to report what he said.

The discussion after this, between Paul Begala and Tucker Carlson was really fun. Maybe the transcript will be up soon, and I'll add it here. Little Tucker finally managed to score...but then again, President Bush's position is pretty easy to defend.

[smiley]

Especially liked the statement by Bush about "discipline spending in Washington.." YES!

[Wphile]

John Edwards is a moron. Sheesh...I heard the speech - ALL TAX rate cuts are accelerated. That includes my brackets, JohnnyBoy you moron, and I ain't rich. Of course, according to the Dems anyone earning more than $27,000 and who pays taxes is rich. The Dems are so ridiculous!

[YaYa123]

Somebody please tell Paul Begala that his main point is AFU! He kept repeating that everyone pays payroll taxes.

Everyone does NOT pay payroll taxes. DUH! That's his argument for saying a holiday from payroll taxes would be the fairest way to make sure everyone got a tax break,

[Toidylop]

Of course, according to the Dems anyone earning more than $27,000 and who pays taxes is rich.

NO. Everyone that works according to the RATs is rich!!! Count me in there as one of the rich :(

[Big Guy and Rusty 99]

bumpity bump bump bump!

[EGPWS]

You heard it right. Bush is going for it. Way to go W!!

Does anybody know if there is a blood line between the Reagan's and the Bush's? Wow, best Presidential speech on the economy I've heard since "The Gipper"!

[PatrioticAmerican]

OUtstanding speech at first blush. I at least loved his "NOW! DAMMIT!" attitude and the fact that he used common sense against Congress: If a tax cut is good for teh nation in three years, then it is good now. Congress should be embarrassed by his use of common sense to demand enactment of their tax bills.

[Toidylop]

I take that you want Goron!!!

[Big Guy and Rusty 99]

Are you sure you're in the 'right' place?

[Dog Gone]

"Most Americans who have investments in the stock market have it through their IRA or their 401K, so that is tax-free anyway," said House Democratic leader Nancy Pelosi of California.

That is an utter lie. Dividends that are within an IRA or 401K are not taxed at the time they are put into those accounts, but they certainly are taxed at the time they are withdrawn. That's hardly "tax-free".

[YaYa123]

I called John Edwards a political premature ejaculator ...and once again he proves me right. He was on with Judy Woodruff less than 10 minutes after President Bush ended his speech. Couldn't wait to get in front of a microphone and camera. He couldn't have possibly listened to the speech, but there he was, like a real grown up on the capital steps, telling us why President Bush's plan was all wrong. I've got to say, Judy Woodruff did a pretty good job of being skeptical of his answers. She actually asked follow-ups.

And Rush is playing Tom Daschle's cutesy pie put downs. "Not a shot in the arm, a shot in the foot". The American people are gonna hate this kind of partisan snipes.

People will remember what PResident Bush said. "Mayor Daly is like me...he puts the good of the country over the good of the party. " That's what the people want. Tom Daschle is over.

[altura]

What is an imbersile?

I do know what an imbecile is, and I believe I'm addressing one.

[hunter112]

Why not just put a cap on the amount of dividends to be excluded? Every other tax break has some sort of cap, why should this one be unlimited?

Even a limit of $20,000 still protects the dividends on a million dollars worth of stock (I'm assuming a 5% return on investment, here). It would protect Bush from charges that most all of the benefit from this goes to the very rich.

If you have a problem with caps, then just abolish the corporate income tax altogether. The tax dodges that corporations use to avoid the tax distort our economy more than anything else I can think of.

[freeper12]

>>Everyone does NOT pay payroll taxes.

Everyone who gets a paycheck, pays payroll taxes...what is your point?

[Wphile]

I loved the optimism at the start of the speech, talking about how great America is, that people want to work here, want to invest here, etc. because it is the best economic model in the world. It was a great speech. I can't wait to see it! I only heard it on the radio.