Bush grants $150bn tax reliefs
President endorses move intended to kickstart the US economy by giving tax breaks to individuals and businesses
George W Bush has signed off legislation that will inject about $150bn
(£76bn) into the US economy thrpugh tax rebates for low-income taxpayers, and
enhanced tax incentives for businesses.
‘The bill I’m signing today is large enough to have an impact – amounting to
more than $152bn this year, or about 1% of GDP,’ Bush said during a signing
ceremony at the White House this week.
‘The bill provides temporary tax incentives for businesses to make
investments in their companies so that we create new jobs this year. The bill
provides individual tax relief in the form of tax rebates,’ Bush added.
The legislation, approved by the US Congress earlier this month, provides
rebates of $600 for individuals and $1,200 for married couples, with additional
rebates for families with children. After a Senate amendment , about 20m old age
pensioners and a quarter-of-a-million disabled veterans will also receive
rebates, amounting to $300 each.
Further reading:
US Treasury
moots lower corp tax, VAT