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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Johannes Pilch who wrote (345971)	1/22/2003 2:32:07 PM
From: calgal	Read Replies (2) \| Respond to of 769667

Bush Takes Tax Plan on Road, Backs Snow By Adam Entous URL:http://news.yahoo.com/news?tmpl=story2&cid=568&ncid=749&e=4&... ST. LOUIS (Reuters) - With public doubts about his handling of the economy growing, President Bush (news - web sites) on Wednesday took his tax cut plan to middle America and predicted his Treasury secretary nominee, John Snow, would be confirmed despite a drunken driving arrest and a child custody dispute. But critics have denounced the plan as a windfall for the wealthy that would provide little immediate help to the economy and swell the budget deficit. That argument appears to be resonating with the public, according to recent polls. Fleischer scoffed at critics, saying: "The fact of the matter is the president's plan benefits all ... My question to the Democratic critics is how can you be for the employee if you're so against the employer." The White House asserts that Bush's tax cuts would boost economic growth -- by an extra 0.4 percentage points this year and 1.1 points in 2004 -- and thereby reduce the budget deficit over time. The White House Council of Economic Advisers says the plan would create 2.1 million jobs over three years. But Bush's budget director, Mitch Daniels, acknowledged last week the federal government would run deficits for the "foreseeable future," with far bigger than expected shortfalls of $200 billion to $300 billion this fiscal year and next. Due in part to concerns about rising deficits, Daniels said that Bush would propose reducing growth in spending in his fiscal 2004 budget to 4 percent, less than half the increase expected this year. SMALL BUSINESSES Undeterred by mounting opposition, Bush is urging Congress to act swiftly, touting provisions that would benefit small businesses which account of about half of the nation's economic output. White House aides say Bush will fight for the entire package. Congressional aides say he will have to compromise. In addition to rate cuts, Bush has asked Congress to raise the amount small businesses can deduct from their taxes for investment in new equipment, such as machinery and computers. Bush would triple that amount to $75,000 from $25,000. The White House estimated that Bush's tax-cut package would, in all, give 23 million small business owners an average tax cut of $2,042 this year. But the Center on Budget and Policy Priorities called this estimate of the tax savings "misleading." According to data from the Urban Institute-Brookings Institution Tax Policy Center, a majority of returns with small business income would get $500 or less.