Bush to use State of Union to revive tax proposals

Bush to use State of Union to revive tax proposals

SCOTT LINDLAW, Associated Press Writer Thursday, January 15, 2004



(01-15) 23:24 PST WASHINGTON (AP) --

President Bush will use next week's State of the Union address to try to revive a proposal that would allow younger workers to invest a portion of their Social Security taxes in the stock market, aides say.

His election-year agenda also calls for pressing Congress to make already-enacted tax cuts permanent, such as the elimination of inheritances taxes and reductions in capital gains taxes. Bush is considering whether to renew his push for a new kind of tax-preferred savings accounts that could be used for retirement, college, health care or other purposes.

Bush will address the nation in a televised speech before a joint session of Congress at 9 p.m. EST Tuesday, three years to the day after his inauguration and one day after the Iowa presidential caucuses.

Approaching a battle for re-election, Bush is expected to highlight economic growth and successes in the fight against terrorism, most notably the capture of deposed Iraqi President Saddam Hussein.
(snip/...)

http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2004/01/15/national0224EST0421.DTL

I hope he's wrong.

A couple of years ago, when this idea was first broached and the market was hot, the question was asked whether young investors could invest in IPOs and other high-risk stocks. The response was that, no, they'd be restricted to certain "approved" companies.

To get on The List, I would imagine a company would have to donate to the party of those in the position to make the decision.

Also, once invested in a company, the shareholder will want to make sure their stock price goes up, so they'll support any legislation that will increase profitability. Like getting rid of all regulations, minimum wages, etc.

And you can expect there to be zero capital gains taxes.

Of course, while it's being sold as a boon for the little guy, we know who will really benefit --

Bush* may be a son-of-a-bitch, but at least he's a consistent son-of-a-bitch.

IIRC, a bunch of retirees picked losers and saw their mutual fund money sink away and screamed bloody murder until the government made up for the losses.

:kick:

:kick: