The New Dividend Tax Cut: Bush's Prescription for Rescuing the Economy
Akron Tax Journal, Vol. 19, p. 25, 2004
25 Pages Posted: 15 Feb 2010
Date Written: August 1, 2004
President Bush unveiled his 2004 "economic growth" package on February 3, 2003, which contained nearly $ 1.47 trillion in tax cuts through the year 2013. According to the Treasury, 23 million small business owners would receive tax cuts averaging $ 2,209. In the Economic Report of the President, Bush stated, "Ending the double tax on corporate income would increase the ability of a corporation to raise equity capital, providing near term support to investment while improving the long-term capital markets." According to the White House, the President's tax cuts will spur economic growth in three ways: (1) by encouraging consumer spending that will boost the economy and create jobs; (2) by promoting investment by individuals and businesses that will also lead to economic growth and job creation; and (3) by delivering critical help to unemployed citizens.
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