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Bush Ready To Trim Back US Tax Code

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

07 September 2004

US President George W. Bush has pledged to simplify the taxation system by overhauling the nation’s tax code if elected to a second term in office.

"American people deserve - and our economic future demands - a simpler, fairer, pro-growth system," the President told Republican supporters in New York last week.

Describing the current system as “a complicated mess” with too many “special interest loopholes,” Mr Bush intends to lead a bipartisan effort to slim down the tax code, although he stopped short, not for the first time in the 2004 election campaign, of detailing any specific policy initiatives.

Bush also promised a new tax credit to encourage small companies and employees to set up health savings accounts and another tax credit aimed at rewarding investors for renewing existing housing stock or constructing new single-family homes.

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