WASHINGTON, April 15: As Americans face a deadline for filing taxes, President George W. Bush on Saturday pressed Congress to extend tax cuts, saying they create jobs and economic growth.
A push by House and Senate Republicans for $70 billion in tax cuts was derailed earlier this month before lawmakers went on a two-week spring recess.
The tax cuts would have extended the maximum 15pc tax rate on capital gains and dividends beyond 2008. Without congressional action, capital gains taxes would jump to 20pc and dividends would be taxed as regular income.
Tax relief has done exactly what it was designed to do: It has created jobs and growth for the American people, Bush said in his weekly radio address.
Yet some here in Washington are now proposing that we raise taxes, either by repealing the tax cuts or letting them expire, he said.
To keep our economy creating jobs and opportunity, Congress needs to make the tax relief permanent.—Reuters
