TaxPersonal TaxBush grants $150bn tax reliefs

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

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter