…prior to leaving office next January.
President George Bush has proposed a temporary tax package designed to spur the nation’s slowing economy. During a White House press conference President Bush and his economic advisers said that the U.S. economy is at risk for a downturn and Congress must act to head off trouble.
By passing a growth package quickly, we can provide a shot in the arm to keep a fundamentally strong economy healthy, and it will help keep economic sectors that are going through adjustments, such as the housing market, from adversely affecting other parts of our economy.
The president did not offer any kind of specific details of the proposed package but did insist that it include tax incentives for business.
Two Democratic leadership aides made it clear that the growth package wouldn’t win support from the Democrats unless it includes relief for low and middle income earners.
I am all for tax cuts and spurring the economy but personally think that we should all just suck it up right now and pitch in to do our share. Cutting taxes is a great thing, I would just as soon get rid of the federal income tax entirely but it has to be replaced by something else, preferably a sales tax.
The Wall Street Journal interviewed folks in New York, Chicago and San Francisco to see how people would spend their rebate. These are some of the interviews.