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.

[GretchenEE]

Lacking an original argument against a proven ideology, ignoring the facts of Bush's proposal, therefore descending to and faithfully recycling yada yada yada as their legislative theme, Democrats, however, complained that the president's plan is aimed at the wealthiest Americans.

[gov_bean_ counter]

Didn't run the talking points past Robert Rubin... or perhaps they did.

[gov_bean_ counter]

Didn't run the talking points past Robert Rubin... or perhaps they did.

[concerned about politics]

I don't know who orchestrated all this but having Pelosi come before Bush was brillant - for Bush that is. Contrast the Dems and Bush's message. It's extraordinary. W is so optimistic and inspiring and the Dems are just nasty and depressing. If Pelosi thought she could preempt W, then I hope she continues to try!

Yeh. The Democrat plan? Print out welfare checks to those who don't pay taxes. Yeh, swell idea -- NOT!

[Big Guy and Rusty 99]

And I want the President to leagalize hunting liberals for sport . . . but that ain't going to happen either.

[Glenn]

WHERE ARE THE SPENDING CUTS?

[ohioWfan]

Ferraro IS dumb.

[areafiftyone]

Do these Dems even own a 401K? What idiots!!! I hope they repeat this on CSpan tonight! I hate being at work when Bush gives a speech!!

[Psycho_Bunny]

The child credit would give an additional $400 to 34 million families who currently claim up to $600

Since the largest expenditures of most states governments is education...and most states are running deficits...lets give an additional $400.00 tax break to the families that are actually using the education system.

Makes sense to me.( /sar)

[YaYa123]

Poor Geraldine....Neil Cavuto zapped her good too. I loved hearing their exchange as replayed by Rush. For sure I want to watch Neil Cavuto today at 4pm EST.

[concerned about politics]

WHERE ARE THE SPENDING CUTS?

He volenteered to give those to the house. LOL!
He very nicely suggested they cut out the pork and useless spending on social programs. LOL.
Stratergery! If they keep spending, he warned them in front of the nation to knock it off!

[G Larry]

>"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's at least Pelosi's 2nd major lie in a week!
IRAs & 401Ks and not "TAX_FREE", they are tax DEFERRED!
Which means any dividends encompassed in them WILL BE TAXED,
irrespective of this law!
(If someone is inept enough to have Tax Free Muni's in their IRA or 401K, will they pay taxes on the earnings anyway?
YES!)

Pelosi's other big lie was when she claimed that CSX didn't pay ANY income taxes......WRONG!
1999 - $70M
2000 - $90M
2001 - $150M

WHEN WILL THE MEDIA AND THE POLITICIANS CALL HER ON THESE LIES???

[Glenn]

he warned them in front of the nation to knock it off!

I'm sure the house is quivering in fear.

Has Bush vetoed anything? Ever? For any reason? (With a Democrat Senate in place, no less.)

[GretchenEE]

I am SICK of neo-conservative transitionalism. Why won't Bushie sign an executive order to remove all taxes?

The sun has spots. It is, therefore not perfect.

Would you abolish the sun?

[freeper12]

>>WHERE ARE THE SPENDING CUTS?

There are no spending cuts...we are going to cut everyones taxes, and also give them a back fat U-O-ME (opposite of an IOU), to pay the bill when it eventually comes due.

The good thing is that children, and those that are still unborne, cannot vote, so therefore, they have no say in what massive pile of debt we leave them....

Don't get me wrong...I like tax cuts...just wish he did something really bold and got rid of the spending first....

[ohioWfan]

I wish President Bush would pre-empt the RATs' line about "tax cuts for the rich" like he did at the RNC convention drawing attention to the "risky scheme" sound bite of algore.

I dunno.......it seems to me that the RATS are driving the line into the ground all by themselves by the meaningless drone coming out of their camp.

When the President says these are tax cuts for everyone, he accomplishes the same thing. And when people individually see that they are getting accellerated cuts, and that they are not rich, everyone will know how wrong the RATS are.

Besides, I think it's kinda fun to watch them look so silly.

[Darnright]

"The Democrats are idiots if they think only the rich own equities. I am firmly, inextricably entrenched in the middle class, and the owner of some stocks. Every year, I have to pay income taxes on the few hundred dollars in dividends earned. This is ridiculous. It's time for all of us "not rich" to let the Dems know that we welcome even the slightest of reductions in the monstrous burden that is the federal income tax."

This is a huge boon for small business owners, who are incorporated. It will allow them to increase the money they can take home, by allowing them the ability to declare stockholders' (in some cases, the husband and wife) tax-free dividends.

Some of these small business owners are far from "rich". Bush has helped them immensely.

[rwfromkansas]

That might just be the shot in the arm the economy needs....we needed something rather strong, not just a tax cut here and a tax cut there. Making at least a good number of last year's cuts permanent retroactively just may do the job.

I would have loved to have seen him propose eliminating the income tax or at least the capital gains tax though.....:)

[rwfromkansas]

If it doesn' do the job though, Bush better get out there in 6 months and go all the way, pushing to abolish the capital gains tax. We can NOT afford.....we simply CANNOT AFFORD to have the economy tanking in 2004!!!!!

[rintense]

Screw another muffler! I want new floors for my house!