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Any Tax Hikes Would Imperil Recovery, Warns Snow

by Leroy Baker, Tax-News.com, New York

17 August 2004

Any attempt to raise taxes in the United States would put the country’s fragile economic recovery in jeopardy, Treasury Secretary John Snow said in a radio interview on Friday.

"Raising taxes at this time would imperil the recovery. We've got a good strong recovery going on. The last thing we should want to do is to remove this well-designed stimulus to continuing recovery," Snow announced as he prepared to address business leaders in the electoral swing state of Florida.

Whilst the focus of the tax debate in the run-up to November's election has been on the taxation of America’s wealthier citizens, Snow warned that it be a mistake to raise the tax burden on "anybody" at the present time.

As President Bush fights to maintain the tax-cutting impetus established in his first term in office, his potential successor John Kerry has pledged to raise taxes on those earning more than $200,000 per year.

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