senate halves us tax cuts

  1. 10,543 Posts.
    lightbulb Created with Sketch. 3
    One form of US economic stimulus is being cut back. Even the Senate can see that cutting taxes to this extent would be economic suicide all in the name of Bush trying to buy himself back into office.

    US Senate halves Bush tax cut proposal

    US senators have dealt a blow to President George W Bush's economic proposal, voting 51-48 on an amendment limiting any tax cut to $US350 billion, roughly half of the White House proposal.

    The Bush plan has been estimated to cost $US726 billion over 10 years and includes a controversial plan to end taxation on dividends paid to shareholders.

    The vote was on an amendment to a blueprint for the $US2.23 trillion fiscal 2004 budget, and several more steps need to be taken on any tax cut proposal.

    But Tuesday's vote, a reversal from action taken last Friday, signals enough opposition to block or modify the Bush proposal.
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.