WASHINGTON - President George W. Bush rejected pressure yesterday from Republican lawmakers and business leaders to alter the size and scope of the $US1.6 trillion ($3.65 trillion) tax cut plan he will send to Congress today.
Bush ruled out adding corporate tax breaks or increasing the size of his plan during
separate meetings yesterday with members of the House of Representatives tax-writing panel and more than 20 business leaders, including General Electric chief executive Jack Welch, say people who attended the meetings.
Bush told those invited - mostly supporters of his tax-cut agenda - that he would not alter the initiative.
"He met some of the leading CEOs of America today and his message was clear: it's not about you, it's about your employees; it's about the people drawing pay cheques across America," said Representative Mark Foley, of Florida, a Republican member of the House Ways and Means Committee.
The tax-cut proposal is being pitched as a way to help low and middle-income Americans who are suffering from the slowing economy.
The President invited families to the White House this week to highlight the savings - $US1600 a year for an average family of four - they would enjoy under the plan.
The 10-year proposal would cut income tax rates across the board, repeal the estate tax and reduce taxes for two-earner married couples. People who attended Bush's White House meetings said they supported a quick enactment of the plan as a way of stimulating the economy.
Some business leaders also requested "productivity-focused tax cuts" such as a research and development tax credit and other corporate incentives, said Jerry Jasinowski, president of the National Association of Manufacturers.
But Bush reportedly said: "Corporate tax breaks are off the table."
He faces near-unified opposition from Democrats, who say the proposal favours the rich.
- NZPA
