Savings For Seniors Key Feature Of Bush Economic Plan

Gutsy Decision By A Bold President!

Statement By 60 Plus Association President Jim Martin

Washington, DC — In his January 7 remarks to the Economic Club of Chicago, President Bush articulated his vision for stimulating the economy. Americans are due to receive tax relief in 2004 and 2006 via legislation already passed by Congress in 2001. But the President’s call for making all tax rate cuts effective immediately will boost the economy today — now — in 2003 — when the shot in the arm will be most effective. He’s right.

Of special note to the 60 Plus Association were the President’s remarks on doing away with double taxation of dividends. Seniors today — and those who soon will be — are careful planners who need the investments they’ve made for retirement work for them. And double taxation, as the President remarked, is just plain wrong. It’s OK to tax a company’s profits but it is plainly unfair to also tax the dividends that the shareholder receives upon those profits. About 50% of all dividend income goes to America’s seniors who rely upon dividend checks as a critical source of income; that’s 10 million American seniors, benefiting to the tune of $936 annually. The President wants Congress to abolish this double taxation of dividends. He’s right.

Raising the child tax credit from $600 to $1000 will help families all across America. Why wait ’til 2010 for this rollout? The President says let’s do it now. He’s right.

Moving taxpayers from 15% to the lowest bracket of 10% will help an estimated two million families. Why wait until 2008? The President says let’s do it now. He’s right.

Slowly reducing the marriage penalty until 2009 is silly. Middle-income married couples should get the benefits of this tax’s demise now, the President believes. He’s right.

Giving money back to the people who have earned it, in order that they may better plan for their financial futures — reinvesting in America all the while — is a good idea. Once again, the President is right.

We applaud President Bush for his bold thinking and gutsy leadership. Seniors are flocking to the President in droves — and we think we know why: because he’s right!