Bush's Tax Overhaul May Be Incremental
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President Bush's campaign to make the tax code simpler, fairer and more pro-growth is likely to involve incremental changes to the current system rather than a sweeping effort to scrap the venerable income tax for a radically new approach, such as a national sales tax.
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People living in states without income taxes could see their federal income taxes fall by about &#36;500 if they itemize deductions under the corporate tax overhaul approved by Congress.
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If President Bush wants to push his plan to overhaul Social Security through Congress during his second term, he probably will have to do something he rarely did during his first term: get his hands dirty.
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President Bush continued his call yesterday for a simpler tax system and aides said he is considering a flat tax, which have the same income-tax rate
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Convinced the US economy is prospering, President Bush in his second term will put even greater emphasis on tax reform, economic experts said Wednesday.
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The Bush administration stepped up its attempt to build support for restructuring Social Security yesterday, saying in a Treasury Department report what it has said elsewhere: that the popular program will require either tax increases or cuts in benefits to remain viable in its current form.
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President Bush has yet to sign the corporate-tax bill that includes sales-tax relief for Washington state, and there are lots of details to fill in.
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IN HIS SPEECH at the Republican convention, President Bush put reform of the tax code on the agenda for a second term, saying he wants &quot;a simpler, fairer, pro-growth system.
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The looming political battle over how to reform the tangled U.S. income tax code could get ugly. But one option, a tax aimed at boosting savings, holds promise.
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President Bush, poised to submit his new budget to Congress next week, warned Saturday that unless programs like Medicare and Social Security are changed, future generations will face tax hikes, government red ink or huge cuts in benefits.
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Will portions of the overhaul have an impact on your taxes?
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President Bush has vowed to make tax reform a centerpiece of a second term, but Treasury economists warned in 2002 that simplification of the nation's tax system would likely lower taxes for the rich and could have devastating political consequences for its champions.
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President Bush faces key Republican groups that are divided about how or even whether to proceed with an overhaul of the tax code.
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President Bush vowed yesterday to pursue second-term goals of reforming the tax code, partially privatizing Social Security, and spreading democracy to Iraq and Afghanistan
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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. But nobody wanted to spoil the Madison Square Garden party by mentioning such unpleasantries. After all, Republicans are insisting that Democrat John Kerry is the candidate who will increase taxes.
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President Bush is considering asking Congress to freeze domestic spending next year or cut it slightly, even as he prods lawmakers to allow younger workers to divert some of their Social Security taxes into personal investment accounts.
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President George W. Bush sought to put tax reform at the center of the US presidential election debate as the Democrats try to exploit weaknesses in the government's economic record.