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Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's a tough sell

By Heather McPherson,  Newser User

Posted Aug 9, 2007 7:04 AM CDT
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(Newser) – President Bush is considering a new package of corporate tax breaks in a bid to perk up Wall Street, calm volatile markets and send a message the economy is sound, the Washington Post reports. At the same time he rejected Democratic proposals to allow Fannie Mae and Freddie Mac more leeway to buy mortgages to bolster the shaky housing market.

"If we want to be a competitive nation, we've got to analyze a lot of things, including taxes," Bush said. "I'm inclined to want to push hard." Treasury Secretary Henry Paulson released a paper last month suggesting the corporate tax rate could be reduced from 35% to 27%. Any such proposal is likely to meet stiff resistance from Dems.

President Bush, right, accompanied by Vice President Dick Cheney, delivers a statement after meeting with his economic advisers, Wednesday, Aug. 8, 2007, at the Treasury Department in Washington. (AP Photo/Evan Vucci)
President Bush, right, accompanied by Vice President Dick Cheney, delivers a statement after meeting with his economic advisers, Wednesday, Aug. 8, 2007, at the Treasury Department in Washington. (AP...   (Associated Press)
Vice President Dick Cheney, left, looks on as President Bush delivers a statement after meeting with his economic advisers, Wednesday, Aug. 8, 2007, at the Treasury Department in Washington. (AP Photo/Evan Vucci)
Vice President Dick Cheney, left, looks on as President Bush delivers a statement after meeting with his economic advisers, Wednesday, Aug. 8, 2007, at the Treasury Department in Washington. (AP Photo/Evan...   (Associated Press)
President Bush, center, flanked by Treasury Secretary Henry Paulson, left, and Commerce Secretary Carlos Gutierrez, meets with his economic team in the Roosevelt Room of the White House in Washington in this July 27, 2007 file photo. (AP Photo/ Pablo Martinez Monsivais, File)
President Bush, center, flanked by Treasury Secretary Henry Paulson, left, and Commerce Secretary Carlos Gutierrez, meets with his economic team in the Roosevelt Room of the White House in Washington...   (Associated Press)
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US • Money • Politics

 
taxes • Henry Paulson • business • Freddie Mac • Fannie Mae • Treasury Department • Federal Housing Administration • corporate tax • George W. Bush

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