Bush Unveils Tax-cut Plan to Stimulate US Economy

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Last updated at: (Beijing Time) Wednesday, January 08, 2003

Bush Unveils Tax-cut Plan to Stimulate US Economy

US President George W. Bush on Tuesday unveiled a 10-year, 674-billion-dollar tax-cut plan to promote economic growth and create more jobs.

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US President George W. Bush on Tuesday unveiled a 10-year, 674-billion-dollar tax-cut plan to promote economic growth and create more jobs.

Although the slow economic recovery is an imminent concern for many economists, Bush believed this is a package that can both promote long-term growth and meet the current needs.

He also said it is a good plan for businesses, families and individuals. Bush said 92 million taxpayers will receive an average tax cut of 1,083 dollars this year.

The plan will eliminate double taxation on stock dividends in order to benefit businesses as well as individuals. The complex package also includes acceleration of across-the-board tax rate cuts and tax relief for married couples and those with children.

With the help of the tax-cut plan, White House officials expected up to 2.1 million jobs will be created over the next three years.

Although the tax-cut plan is welcomed by many economists and politicians, there are still disagreements from those who are concerned with the deficit issue. They also doubt it is a plan fair to all.

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