Archive for Thursday, May 18, 2006

Bush signs bill for $70B tax cut

May 18, 2006

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— President Bush signed a $70 billion tax-cut bill on Wednesday in the hopes that voters will remember the move come November.

"With this bill, we're sending the American people a clear message about our policy," Bush said. "We're going to continue to trust the American people with their own money."

Democrats overwhelmingly opposed the legislation, saying the tax cuts on capital gains and dividends will flow mostly to the rich.

"Today's really a good day to be a millionaire, but it's a bad day if you want to be a millionaire," said Senate Minority Leader Harry Reid of Nevada "That's because President Bush just signed, with the stroke of a pen, a bill that sealed the fate of those trying to get ahead."

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