Chicago (Jan. 8, 2003) -- President Bush Tuesday unveiled an ambitious $674 billion economic plan whose centerpiece is the elimination of federal income taxes on stock dividends.

The package of tax cuts and incentives would also offer tax relief for married couples and a $400-per-child increase in the tax credit for families with children.

Responding to criticism from Democrats that his plan favors the wealthy, Bush told the Chicago Economic Club that the 10-year plan calls for across-the-board tax cuts for all Americans who pay taxes.

"We can preserve the hard won gains our economy has made and advance toward greater prosperity," he said.

Bush said his pet program to end taxation of stock dividends would help correct a disparity in the tax code that results in higher taxes on profits from stock sales at lower rates than income from dividends.

Bush called on Congress to make the tax cuts effective this year.

-- 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