Thursday, August 09, 2007
Bushonomics
President Bush said yesterday that he is considering a fresh plan to cut tax rates for U.S. corporations to make them more competitive around the world, an initiative that could further inflame a battle with the Democratic Congress over spending and taxes and help define the remainder of his tenure.
n a 48-minute conversation on an array of economic issues, Bush also warned China not to start a trade war, blamed Congress for not doing more to shore up infrastructure such as the bridge that collapsed in Minneapolis last week, and pushed back against Democratic presidential candidates who are promising to renegotiate the North American Free Trade Agreement.
Treasury Secretary Henry M. Paulson Jr. briefed Bush yesterday morning on various possibilities for overhauling a corporate tax structure that he considers disadvantageous for U.S. business. A paper Paulson released last month said the corporate tax rate could be reduced from 35 percent to 27 percent by scrapping the research-and-development tax credit, a deduction for domestic production, breaks for interest on state and local bonds, and other special tax breaks.
Yes. Replacing R&D tax credits with lower taxes that allow a company to spend the extra money collecting Pokemon cards instead is much better.
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