Tax Cut Positions Bush for the 2004 Election

There is remarkable unity in the Republican caucuses of both houses of Congress these days. Almost all Republicans supported President George W. Bush’s economic growth package in the House.

In the Senate, Majority Leader Bill Frist lost three Republican votes (Chafee of Rhode Island, Snowe of Maine and McCain of Arizona) and picked up two Democrats (Miller of Georgia and Nelson of Nebraska), making the vote 50-50. Vice President Dick Cheney broke the tie and thus the bill goes to President Bush for his signature.

The President initially proposed more than $700 Billion in tax cuts over 10 years. In a numerical sense, it would have been the largest tax cut in U.S. history. But as a percentage of the Gross Domestic Product, President John F. Kennedy’s tax cut of forty some years ago was much larger.

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Posted by Editor at May 27, 2003 2:02 PM