By John S. McClenahen The Bush Administration is putting together a package of additional tax cuts as a way to accelerate growth of a sluggish U.S. economy. The package, which could cost the Treasury upwards of $300 billion in lost revenues over 10 ...
ByJohn S. McClenahen The Bush Administration is putting together a package of additional tax cuts as a way to accelerate growth of a sluggish U.S. economy. The package, which could cost the Treasury upwards of $300 billion in lost revenues over 10 years, will reportedly move up to 2003 some individual cuts now slated for 2004, cut taxes on corporate dividends and may offer business some depreciation breaks. But, says Maury Harris, chief U.S. economist at UBS Warburg LLC, New York, a payroll tax break -- perhaps a short holiday -- is unlikely to be included in the initial Bush proposal. But the temporary payroll tax holiday, which is backed by the influential Business Roundtable, "could become part of a compromise to win Democratic support," Harris suggests.
