Madison, Miss. (Aug. 9, 2002) -- Refusing to budge despite the sliding economy, President Bush this week called on Congress to make permanent the tax cuts enacted last year.

Speaking at a high school in Madison, Miss., Bush reminded lawmakers that all of the provisions of the bill – including income tax cuts, marriage penalty reductions and estate tax cuts will disappear after 10 years unless they do something about it.

"For the sake of economic vitality, for the sake of allowing people to plan, for the sake of small businesses and farmers and ranchers all across the country, we need to make the tax reductions permanent," Bush said.

The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) (P.L. 107-16) was passed last year by Congress months before the September 11 attacks and the fall of Enron, which led to a major shakeup in the capital markets and consumer confidence.

-- Electronic Accountant Newswire staff

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access