Bush Official Opposes Raising Taxes on Private Equity
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The Bush administration warned lawmakers not to raise the tax rate of private equity and hedge funds or their managers, maintaining that it would injure the economy.
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President Bush has won very few Democratic converts in Congress for his plan to use payroll taxes for voluntary personal accounts under Social Security, party leaders said Tuesday, accusing the White House of using the issue to distract attention from more pressing national problems.
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President BushÂs spokesman rejected DemocratsÂ charge that last nightÂs speech sought to capitalize on the attacks.
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At their national convention, Republicans were short on specifics on how to pay for an economic agenda in a second Bush administration. One reason is that President Bush could end up having to back a tax increase, just as his father did.
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The two primary architects of Congress's last major tax reform say President Bush has failed to lay the groundwork for his ambitious tax agenda and will have to invest a vast amount of political capital to succeed in simplifying the code.
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President Bush, under election-year pressure on the economy, said on Sunday that Democratic presidential nominee John Kerry's plan to raise taxes on the wealthy would hinder the creation of jobs.
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President Bush ruled out raising  payroll taxes to help pay for Social Security reform on  Thursday, leaving him few options other than a sharp increase  in government borrowing to bankroll transition costs estimated  at up to $2 trillion.
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The private equity industry and its friends are fighting back against legislation that would more than double their tax rate to 35 percent, contending the proposals would hurt average Americans and not just multimillionaire fund managers.
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The White House is resisting a congressional request for an economic adviser to President Bush to testify about the administration's fuel economy proposal.
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Value-oriented fund Fir Tree opposes Plains Exploration's proposed purchase.
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The Bush administration yesterday raised serious objections about congressional efforts to approve a corporate tax-cut bill this week, warning that the Republican-backed legislation risked growing from a narrow effort to help manufacturers into a complex assortment of special-interest tax breaks.
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&quot;I don&#39;t think we ought to have 527s,&quot; President Bush said the other day, referring to the political fund-raising and advocacy organizations that have sprouted in the wake of his signing the anti-free speech McCain-Feingold campaign-finance &quot;reform&quot; law
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President Bush is not ruling out raising taxes on people who earn more than &#36;90,000 as a way to help fix Social Security's finances.
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President Bush said today that John Kerry cannot pay for his domestic proposals unless taxes are raised on the middle class.
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The creation of personal investment  accounts advocated by President Bush would not be a cure-all  for the problems facing Social Security, which needs other  reforms as well, the U.S. comptroller general said on Monday.
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The Bush administration yesterday raised serious objections about congressional efforts to approve a corporate tax-cut bill this week, warning that the Republican-backed
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President Bush, under election-year pressure on the economy, said on Sunday that Democratic presidential nominee John Kerry&#39;s plan to raise taxes on the wealthy would hinder the creation of jobs.