MrDave
April 21st, 2003, 6:44pm
Interesting article about the proposed tax cuts. It seems there are compromises being made that will defer most of the tax cuts or phase them in over time.
Although I think the present tax cuts presented are a bit high, I really don't understand how putting them off will help to stimulate the economy now.
Am I missing something? I thought this was intended to produce jobs??
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The Tax Cut Shrinks and Grows
http://www.forbes.com/2003/04/21/cx_da_0421topnews.html
"For example, instead of the tax cuts being retroactive to Jan. 1, none would kick in until after President George W. Bush signed them into law later this year. Instead of eliminating the income tax on stock dividends immediately, the plan would phase the tax out over five years. Instead of increasing the child tax credit from $600 per child to $1,000 immediately, the administration would do so gradually."
...
"While the White House wants credit for at least half-a-trillion dollars in cuts, the vast majority of those cuts will actually be delivered--assuming no intervening tax law changes--after the first George W. Bush Administration ends, or even after the president's second administration. The short-term numbers tend to get lost in all the talk of ten-year plans. "
Although I think the present tax cuts presented are a bit high, I really don't understand how putting them off will help to stimulate the economy now.
Am I missing something? I thought this was intended to produce jobs??
_____________________________________________
The Tax Cut Shrinks and Grows
http://www.forbes.com/2003/04/21/cx_da_0421topnews.html
"For example, instead of the tax cuts being retroactive to Jan. 1, none would kick in until after President George W. Bush signed them into law later this year. Instead of eliminating the income tax on stock dividends immediately, the plan would phase the tax out over five years. Instead of increasing the child tax credit from $600 per child to $1,000 immediately, the administration would do so gradually."
...
"While the White House wants credit for at least half-a-trillion dollars in cuts, the vast majority of those cuts will actually be delivered--assuming no intervening tax law changes--after the first George W. Bush Administration ends, or even after the president's second administration. The short-term numbers tend to get lost in all the talk of ten-year plans. "