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Bush Shows the Way
The Sun ^ | 1-8-2003 | Ian King

Posted on 01/07/2003 8:54:34 PM PST by paul544

Bush shows the way

By IAN KING Sun Business Editor

PRESIDENT George W Bush last night unveiled a £420BILLION tax cut package aimed at boosting the world’s biggest economy.

The measure will put more money in the pockets of every single American.

The president hopes the “growth and jobs” package will encourage consumers to spend more and encourage American business to invest — revving up economic growth.

Mr Bush is also making an explicit bid to prove he has the interests of the low-paid and the unemployed at heart.

He claims his measures will create at least 2.1million jobs in the next three years.

There are many measures in Mr Bush’s package which Sun readers would love to see copied in this country.

They include greater tax breaks for married couples — the opposite of what Labour, which abolished the married couples allowance in 1999, has done here.

The president has also tripled the tax allowance on the amount that small companies can spend on new equipment.

Tax credits for children have been raised by two-thirds while the unemployed have been given generous grants aimed at helping them with childcare and moving costs while they try to find work.


Boost ... George Bush
Picture: REUTERS


The most eye-catching proposals will help the elderly. Millions of pensioners have watched in despair as interest rates on their savings have crashed to record lows.

So Mr Bush has decided to scrap taxation on the dividends paid to shareholders by companies. He argues shareholders are taxed twice — once when companies pay corporation tax on  and twice when dividends are taxed.

A similar move in Britain would improve the incomes of some 10 million ordinary folk — including many pensioners — who hold popular shares like HBOS, Barclays, British Airways, Rolls-Royce and BP.

Abolishing tax on dividends will provide another level of financial discipline on company bosses and prevent them squandering investors’ money.

Ironically, Mr Bush’s package of tax cuts come just weeks before millions of Britons face a HIKE in their taxes, through a sneaky increase in national insurance.

Measures announced by Chancellor Gordon Brown last year mean that middle earners — including teachers, nurses, police officers and, yes, firefighters — will be taxed an extra one per cent on earnings.

That tax, incidentally, will also be paid by employers including the National Health Service and the small businesses which Mr Brown professes to care for so deeply.

Meanwhile, the number of people paying the higher rate of income tax has doubled while Mr Brown has been Chancellor, increasing by more than a million.

This is because the Chancellor has refused to raise the threshold at which people start paying the upper rate in line with earnings.

And now Mr Brown plans to raise taxes again in April.

That doesn’t include the huge increases in council tax demands which will start plopping on to doormats across the country in coming months. Nor does it include, for people living and working in London, the £5 a day they face paying for using their cars.

There are other ways Gordon Brown has raised the tax bill for millions in the past five years.

House buyers are paying more in stamp duty. Motorists are paying more duty on their petrol. Savers face reductions in the tax breaks on their ISAs next year.

And, most painfully, the 15million Britons in occupational pensions have seen £5billion a year plundered from those schemes by a new tax announced by Mr Brown when he became Chancellor.

President Bush’s plans have highlighted the difference between Britain and America.

Where the US is now cutting taxes, Britain is raising them, just as fears mount that our economy is stalling once more.

No wonder record numbers of Britons want to emigrate.


TOPICS: Business/Economy; Constitution/Conservatism; Government
KEYWORDS:
Sad when you have to go across the pond to get the truth.
1 posted on 01/07/2003 8:54:35 PM PST by paul544
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To: paul544
Too often England's papers offer better news coverage.
2 posted on 01/07/2003 8:58:36 PM PST by The Obstinate Insomniac
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To: paul544
He claims his measures will create at least 2.1million jobs in the next three years....

-----------------------

Here, or in China?

3 posted on 01/07/2003 9:01:17 PM PST by RLK
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To: paul544
"The role of government is not to manage or to control the economy from Washington, D.C., but to remove obstacles standing in the way for faster economic growth "

These words should be cast upon ten thousand brass plaques, and they in turn should be bolted next to the entrance to every Federal building in the United States.

4 posted on 01/07/2003 9:01:31 PM PST by BenLurkin
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To: RLK
Here.
5 posted on 01/07/2003 9:03:18 PM PST by paul544
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To: paul544
How much reduction of the size of government is included in the Bush proposals?
6 posted on 01/07/2003 9:04:01 PM PST by per loin
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To: paul544
This is a very solid proposal from Bush. We just have to put pressure on congress to pass it.
7 posted on 01/07/2003 9:09:08 PM PST by MarkM
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To: per loin
How much reduction of the size of government is included in the Bush proposals?

My pipe dream? This new package works well, Bush re-elected. 2004(5?) Hard Line Tax reform. IRS Slashed dramatically. New Tax code that is FAIR. How would that be for reduction in the size of Govt't?

8 posted on 01/07/2003 9:12:32 PM PST by Michael Barnes (Abolish the IRS (I know, I'm dreaming...))
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To: paul544
Hmmm, sounds about time for a little tea party!
9 posted on 01/07/2003 9:15:03 PM PST by DoughtyOne
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To: MarkM
Oh it'll get passed if they add enough graft to it to please every Congresscriter and Senite!
10 posted on 01/07/2003 9:16:01 PM PST by DoughtyOne
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To: unix
My pipe dream? This new package works well, Bush re-elected. 2004(5?) Hard Line Tax reform. IRS Slashed dramatically. New Tax code that is FAIR. How would that be for reduction in the size of Govt't?

Wouldn't cut the size of government by a wiggle or a twit. It would just mean running up the government's debt.

11 posted on 01/07/2003 9:17:40 PM PST by per loin
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To: paul544
Isn't this the same rag which screamed "Wanted for War Crimes: George W. Bush!"?
12 posted on 01/07/2003 9:17:49 PM PST by montag813
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To: per loin
Foregot to add a consumption tax in there(but, that would require the repealing the 16th...and THAT would be the fight the GOP would never be able to win; under current senator's elect). Seriosuly. I think alot of "grant's" need to be tossed, not to mention the defunding of several dept's (won't bother to list names, 'cause that in itself get's ugly)...
13 posted on 01/07/2003 9:23:05 PM PST by Michael Barnes (Abolish the IRS (I know, I'm dreaming...))
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To: per loin
Well, if you take 2.1 million people and remove them from gov't handouts, reduce the amount of money the gov't has to spend, and increase personal and business independence, I'd say quite a bit.
14 posted on 01/07/2003 9:26:55 PM PST by paul544
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To: montag813
No. That was the Mirror. They are famous for being stupid. This is from the Sun. The closest thing to a conservative paper in the UK, and they have the Page 3 girls ;)
15 posted on 01/07/2003 9:28:27 PM PST by paul544
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To: unix
Yes. Anytime cuts get mentioned, those benefitting from those government departments or programs come shrieking out of the shadows, howling 'bout their sacred rights to a share of our money. That's why government never shrinks, regardless of which party's slogans are being mouthed into power.
16 posted on 01/07/2003 9:29:00 PM PST by per loin
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To: unix
See I consider the $3000 grant to be a brilliant move. Here's how. I'm out of work. The gov't hands me $3000 and gives me a short list of things I can do with it. OR I can get out there and find a job NOW, and keep the money as a signing bonus. Talk about motivating people to find a job. Either keep the 3 grand, plus find a job, or use the money for only certain things and blow a chance.

Now in a perfect world this kind of "bribe" wouldn't be necessary, but I think it works well. Plus it takes a MAJOR issue away from the Rats. I was so impressed with the whole package.

17 posted on 01/07/2003 9:32:11 PM PST by paul544
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To: unix
Flat Tax -- ABOLISH the IRS

ABOLISH the Dept of Eduation -- let States handle the education matter

ABOLISH the Department of the Interior

DESTROY the NEA by any means necessary

ABOLISH withholding. Give Americans the OPTION (at least) of holding onto their money until April 15. I am fiscally responsible and I can do that and still cover my taxes. People might vote differently if this were enacted and they realised how much of their money is being plundered by our benevolent government.

ABOLISH Unions for governmental jobs. Government is there to guarantee our civil rights and freedoms, not be a jobs program.
Go back and REVIEW and preferably ABOLISH many regulations forced on businesses.

ABOLISH income taxes on corporations. They just pass the cost onto their consumer.

DEVELOP an actual immigration control system and ENFORCE it strongly, especially along the Mexican border.

DEVELOP a plan to eliminate Social Security. Under this plan, younger people can choose a graduated OPT-OUT of Social (Broken) Security. Over a 10 year period, they would pay less and less into the system over the time, with the UNDERSTANDING that they will never be able to withdraw from Social Security (it wont be there anyway for Generation X and younger). It will be up to us to save for our retirement. We're adults, we can do it. Those who don't think they CAN do it, well, they can stay IN the Social Security program and kiss 14%+ of their yearly income good-bye.

These items, in my mind, would be excellent starting points for actually REDUCING THE SIZE OF GOVERNMENT.

18 posted on 01/07/2003 9:59:04 PM PST by xrp
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To: paul544
Not to mention that just about any job paying $35,000 a year or more will see that $3000 paid back in tax form to the government in a 6-9 month period.
19 posted on 01/07/2003 10:00:38 PM PST by xrp
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To: xrp
Cool post. Agree with ya.
20 posted on 01/07/2003 10:14:06 PM PST by Michael Barnes (Non gratum anus rodentum)
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To: xrp
And, and, it saves the gov't thousands in benefits it will not have to pay in unemployment.
21 posted on 01/07/2003 10:54:31 PM PST by paul544
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To: DoughtyOne
Oh it'll get passed if they add enough graft to it to please every Congresscriter and Senite!

You only need to please a litlle better than half and the President to sign it.

22 posted on 01/08/2003 9:34:43 AM PST by rllngrk33
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