Bush signs 70 billion dollar tax cut bill
Posted: Sun May 21, 2006 4:15 pm
WASHINGTON - President George W. Bush on Wednesday signed legislation extending 70 billion dollars in tax cuts he says are needed to stimulate the US economy, but which critics say will help only the wealthy while adding to an already enormous federal debt.
"This is a good day for American workers and families and businesses," Bush said at a White House signing ceremony, surrounded by Republican members of Congress, whom he praised for passing the legislation.
"You have passed a bill that will keep our taxes low and keep our economy growing, and I'm really pleased to be able to sign this vital piece of legislation," the US president said.
The measure extends dividend and capital gains cuts through 2010 and spares millions of middle-class Americans from a creeping "alternative minimum" tax for one year.
"Our pro-growth economic policies are working for all Americans," Bush said.
The legislation was approved in separate votes last week by both houses of Congress and the White House hopes the tax cuts will bolster declining poll ratings for the president and his Republican party.
Opposition Democrats criticized the tax cut as irresponsible given the vast US budget deficit and as a gift to the wealthy with paltry benefits for middle income households.
Agence France-Presse
So what do you guys think about this? What kind of short term and long term effects will this create?
"This is a good day for American workers and families and businesses," Bush said at a White House signing ceremony, surrounded by Republican members of Congress, whom he praised for passing the legislation.
"You have passed a bill that will keep our taxes low and keep our economy growing, and I'm really pleased to be able to sign this vital piece of legislation," the US president said.
The measure extends dividend and capital gains cuts through 2010 and spares millions of middle-class Americans from a creeping "alternative minimum" tax for one year.
"Our pro-growth economic policies are working for all Americans," Bush said.
The legislation was approved in separate votes last week by both houses of Congress and the White House hopes the tax cuts will bolster declining poll ratings for the president and his Republican party.
Opposition Democrats criticized the tax cut as irresponsible given the vast US budget deficit and as a gift to the wealthy with paltry benefits for middle income households.
Agence France-Presse
So what do you guys think about this? What kind of short term and long term effects will this create?