Citizens for a Sound Economy (CSE) today cheered President Bush’s proposal for Economic Growth and Job Creation. The President called for complete repeal of the dividend tax, acceleration of the 2001 income tax rate cuts, and improvements in the child tax credit, the marriage deduction, and small business investment expensing. In total, the plan is a bold move to boost the economy by improving American tax policy.
CSE, a free market organization with 280,000 members across all 50 states, plans to mobilize its grassroots activists to strongly support the plan as it moves through Congress.
CSE President Paul Beckner commented:
“President Bush hit a homerun for taxpayers today. In the near term, his plan will bring much needed tax relief to spur economic growth and job creation. But his plan is also a strategic step toward fundamental tax reform, moving toward a tax code that is more simple, fair, and honest.”
“The repeal of the dividend tax, for instance, will increase economic growth, jobs, and the stock market by 2004, and it is also a bold, long-term reform of the broken U.S. tax code because it eliminates the double taxation of corporate profits.
“In addition, accelerating the income tax rate cuts will get more money in the hands of consumers and families sooner. These cuts were a good idea when Congress passed them in 2001 and they’re an even better idea fully implemented in 2003.
“The left may try to use class warfare to attack the President’s plan, but the reality is that this plan is good for all taxpayers. For example, one half of the dividend repeal alone will go to senior citizens, and their average tax savings would be $936.
“CSE hopes Congress will move quickly to pass the President’s proposal and get the economy moving again. We’ll be there every step of the way.”