Bush calls for tax cuts to revive economy

President George W. Bush proposed $145 billion in tax relief and other incentives to revive a sputtering economy.
JAN 18, 2008
By  Bloomberg
President George W. Bush called for $145 billion in tax relief and other incentives to revivie a sputtering economy facing a potential recession. Speaking at the White House today after meeting privately with his economic advisers including Secretary of the Treasury Henry Paulson, Mr. Bush said that a growth package must include tax incentives for business investment and "direct and rapid" tax relief for individuals, according to published reports. The President said that to be effective, an economic stimulus package would need to roughly represent 1% of the gross domestic product. Mr. Bush said that Congress and the administration need to settle on something as soon as possible to "keep our economy growing and create jobs." "Letting Americans keep more of their money should increase consumer spending," he said. Earlier today, Treasury Secretary Henry Paulson predicted that the Bush administration and Congress would work together to enact a stimulus package that would provide aid to an economy on the verge of a recession. "This is not an emergency. There is an urgent need," Mr. Paulson said on NBC's Today show this morning, according to a Reuters report. "The long-term fundamentals of our economy are strong," Paulson said. "We believe the economy is going to continue to grow slowly here, but it has slowed down and the risks are to the downside and the President is very focused on taking actions quickly that will give a boost to our economy as soon as possible this year." The Securities Industry and Financial Markets Association welcomed President Bush's proposed stimulus package. "The president has laid out a roadmap that will restore confidence in the economy and hopefully stem the tide of an approaching recession, said Richard Hunt, senior managing director of government affairs at the New York- and Washington-based SIFMA in a statement. "It's important that both the Bush Administration and Congress work in a bi-partisan fashion to assist all Americans caught up in this financial crisis."

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.