Aknauta
01-03-2003, 01:22 PM
washingtonpost.com
President to Seek Dividend Tax Cut
Stimulus Plan's 10-Year Cost Put at $300 Billion
By Mike Allen and Dana Milbank
Washington Post Staff Writers
Friday, January 3, 2003; Page A01
CRAWFORD, Tex., Jan. 2 -- President Bush plans to announce an economic package Tuesday that will emphasize cuts in the tax on stock dividends while including tax breaks for personal income and capital investments, administration officials said today.
In a speech before the Economic Club of Chicago, Bush plans to propose excluding a large chunk of individuals' dividend income from taxation, the officials said. That is the bulk of an economic stimulus package expected to total about $300 billion over 10 years.
The plan is also expected to include provisions allowing businesses to take deductions on their equipment purchases more quickly, and it will include some relatively small acceleration of income tax cuts enacted in 2001 and scheduled for 2004. Bush will also include an extension of federal unemployment benefits, although the White House has expressed no interest in cutting payroll taxes.
Officials said senior citizens, many on fixed incomes, would receive about half of the benefits from such an exclusion. (http://www.washingtonpost.c om/wp-dyn/articles/A3465-2003Jan2.html)
President to Seek Dividend Tax Cut
Stimulus Plan's 10-Year Cost Put at $300 Billion
By Mike Allen and Dana Milbank
Washington Post Staff Writers
Friday, January 3, 2003; Page A01
CRAWFORD, Tex., Jan. 2 -- President Bush plans to announce an economic package Tuesday that will emphasize cuts in the tax on stock dividends while including tax breaks for personal income and capital investments, administration officials said today.
In a speech before the Economic Club of Chicago, Bush plans to propose excluding a large chunk of individuals' dividend income from taxation, the officials said. That is the bulk of an economic stimulus package expected to total about $300 billion over 10 years.
The plan is also expected to include provisions allowing businesses to take deductions on their equipment purchases more quickly, and it will include some relatively small acceleration of income tax cuts enacted in 2001 and scheduled for 2004. Bush will also include an extension of federal unemployment benefits, although the White House has expressed no interest in cutting payroll taxes.
Officials said senior citizens, many on fixed incomes, would receive about half of the benefits from such an exclusion. (http://www.washingtonpost.c om/wp-dyn/articles/A3465-2003Jan2.html)