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Bush Tax Cuts Slammed By 400 Leading Economists

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

12 February 2003

400 leading US economists, including 10 Nobel Prize winners, have condemned President Bush's tax cutting plan in an advertisement placed in Tuesday's New York Post.

Suggesting that the measures will do little to stimulate the US economy in the short-term, and will oblige the President to reduce government spending programmes for the country's least wealthy citizens, the advert argued that:

'Regardless of how one views the specifics of the Bush plan, there is wide agreement that its purpose is a permanent change in the tax structure and not the creation of jobs or growth in the near term.'

The US economists reserved special criticism for the much vaunted - by Republicans at least - dividend tax abolition plans, announcing that: 'The permanent dividend tax cut, in particular, is not credible as a short-term stimulus.'

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