| |
 |
Bush plan stumbles
|
US President George W Bush's political honeymoon could crash on the rocky shores of tax reform today, as Democrats balk at the idea of slashing taxes by US$1.6 trillion over the next 10 years.
Before introducing the tax plan to Congress today, Bush and his supporters went on a public relations offensive to present the sweeping tax plan as enabling people to shake off their debt and spur the wobbling economy to jump forward once again.
“It's going to help small business people, help working families," said the House Speaker, Republican Dennis Hastert, standing on the Capitol steps while surrounded by US flag-waving families.
But Democrat congressional leaders, albeit glowing from the vaunted spirit of bipartisanship that has marked Bush's first weeks in office, have warned the programme is overly ambitious and counts on monies not yet received.
Independent Bernie Sanders of Vermont went one step further, dismissing Bush's claims and terming his tax proposal a “disgrace".
“When you look at the crisis of education ... then that tax proposal that Bush is proposing is an absolute disgrace," he told reporters yesterday.
Bush has proposed a sweeping US$1.6 trillion tax cut programme — including across the board cuts and reductions in specific taxes — over 10 years, using a projected budget surplus of some US$5.6 trillion over the same period.
The president has argued that by putting more money in the pocket of individual Americans, spending will increase and the economy will revive.
But the combination of a slowing economy and sweeping tax cuts has others worried.
“Clearly you can't have it both ways," said Maurice Hinchey, a Democratic Representative from New York.(SD-Agencies)
|
|
|
|
