Senate Majority Leader Daschle (D-S.D.) told President Bush this ...
Senate Majority Leader Daschle (D-S.D.) told President Bush this week that he intended to introduce economic stimulus package containing “noncontroversial” provisions acceptable to both parties. One such item will involve 30% “bonus depreciation” provision for companies making capital investments…
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in next few years, measure that Verizon Pres. Ivan Seidenberg recently said (CD Jan 17 p4) should be one of “top priorities” of Congress upon its return this week. Daschle told Bush in letter Jan. 22 that economic package would include “bonus depreciation provision to encourage new business investment, and fiscal relief for the states. This relief for the states will help avoid cutting critical services and/or raising taxes during a recession, and will help compensate states for the revenue loss from the bonus depreciation provision.” Economic stimulus legislation passed by House late last year contains similar depreciation measure. Meanwhile, Congressional Budget Office (CBO) Dir. Daniel Crippen said largest chunk of $4 trillion drop in CBO’s projected FY 2003-2012 budget surplus could be attributed to last year’s tax cut plan. He told Senate Budget Committee that $1.3 trillion, 10 year tax relief stemming from Economic Growth & Tax Relief Reconciliation Act of 2001 had “largest effect” on surplus projections, which were laid out in revised budget and economic outlook released Wed. Despite CBO’s saying that its surplus estimate “plunged” specifically from legislative actions such as President’s tax bill, Bush defended tax relief Tues. in speech in W.Va.: “There’s some weird economics going on in Washington. There are some saying that they don’t want the tax relief plan to go through… If you want to create jobs, let the American people have more of their own money so they can spend it.”