--Lindsey says Bush tax cut based on prudent revenue growth projection
By BridgeNews
Washington--Feb. 5--White House Economic Adviser Lawrence Lindsey said Monday he sees President Bush's proposed tax cut passing Congress this spring and in effect by mid-year. Appearing on network television morning talk shows, the Bush aide said the tax cut is based on "prudent" revenue growth projections that would stand up despite the current economic slowdown.
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Lindsey, said Bush hopes that Congress will make the reduction retroactive to Jan. 1.
"It depends on what Congress does," Lindsey said on CBS' "The Early Show." "But we hope that we can accelerate the tax cut, or at least a major portion of it, to the start of this year--get bigger paychecks in people's pockets, smaller withholding as soon as possible," according to the Associated Press.
Lindsey said Bush is sticking to his $1.6-trillion 10-year tax cut plan.
Asked about Democrats' plans for tax cuts of less than $1 trillion over the same time period, the adviser said those plans would not do enough to spur the economy.
Bush has said his tax cut would bring a "second wind" to the economy or act as an "insurance policy against a severe economic downturn." End Copyright 2001 Bridge Information Systems Inc. All rights reserved.