Provisional tax cut proposed to boost the economy
2008-01-20 16:26:45 (GMT) (Caymanmama.com - Banks & Banking News)WASHINGTON - On Friday, President Bush proposed a provisional tax-relief package as a measure to give a boost to the slowly increasing economy of the nation. Bush commented in White House that the economy of the nation is on the verge of taking a downturn, so Congress must take steps to get off the trouble.
The growth of the economy should be around 1% of the GDP of the nation or $140 billion to be specific, said Bush. However, no precise details have been revealed about the projected package, but tax incentives for the business are a point of concern that is included in the package. The mentioned tax incentives are intended for many business “including small businesses, to make major investments in their enterprises this year.” “Rapid income tax relief” in favor of customers said Bush must also form a part of this economic package, so that it “lift our economy at a time when people otherwise might spend less.”
Though the proposed measure was supported by the Democratic leaders, some other Democrats who met the President at Capitol Hill were suspicious about it.
On Friday, two aides of Democratic leadership insisted for including the relief for middle and low income earners. One of their sources stated flatly, “We’re not going to pass a bill in the House that doesn’t include low-income people.”
D-New York, Sen. Charles Schumer, stated that it was disappointing for him to see that Bush did not include any measure for extending any benefits to disadvantaged like proposing anything to help the unemployed people.
The present cuts on income tax that were supported by Bush administration are to be expired in 2010. The Congress has been called by the president to make the present cuts on income tax permanent.
CaymanMama.com - Press Release Distribution Service
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