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Bush Looks for Support on Tax Cuts
President Bush tried Feb. 5 to inject a new note of urgency into his tax-cut proposals, saying that he wanted them enacted soon and made retroactive to Jan. 1.
"Everybody who pays taxes will get some relief," Mr. Bush said at a White House ceremony. "No American should pay more than a third of his income to the federal government," Mr. Bush said as he stood before the huge check.
On Sunday, Mr. Bush's chief economic adviser, Lawrence B. Lindsey, said Mr. Bush would try to speed up his $1.6 trillion, 10-year tax-cutting package so it would take effect this year.
And today, Mr. Bush himself followed through by declaring he wants the package to be effective not just this year but for all of this year.
Mr. Bush would lower the present five tax brackets, so that the lowest bracket would go to 10 percent (from 15) and the highest to 33 percent
(from 39.6). He would also double the child credit, give a break to many couples with two incomes and gradually repeal the estate tax.
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