Treasury Secretary Snow, Chairman Cox Meet on Tax Cuts
In a one-hour Capitol meeting, Treasury Secretary John Snow and House Policy Chairman Christopher Cox met to coordinate Bush Administration and Congressional efforts to enact President Bush’s economic growth proposal. The discussion centered on the President’s plan to end the unfair double tax on savings in stocks and mutual funds.
Before Congressional Members of the House Policy Committee, the policy-making arm of House Leadership, Secretary Snow outlined the President’s jobs and growth plan—reiterating his belief that ending the double taxation on savings is the best way to stimulate the economy and create jobs in the long-term.
“Creating jobs is our number one priority,” said Chairman Cox. “Ending the practice of double taxing Americans’ hard earned savings will not only stimulate the economy, but it will positively affect every U.S. taxpayer,” he added. Chairman Cox first introduced legislation to end the double taxation of savings in stocks and mutual funds in 1992. In the current Congress, the bill is H.R. 50.
Secretary Snow called the House Ways and Means Committee’s proposal to scale back President Bush’s complete elimination of the double tax on dividends and add capital gains relief, “a big step in the right direction.” But he did not fully endorse the plan, saying, “going forward we intend to build on this progress and continue to work with the House and Senate to pass the 100 percent abolition of the double-tax on dividends.”
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