US president Mr George W Bush supports revising his $1.6 trillion tax cut proposal to put money in people's pockets faster but will not increase the size of his plan, his top economic adviser said today.
White House economic adviser Mr Lawrence Lindsey, appearing on the "Fox News Sunday" program, said Mr Bush, who had flirted with a larger tax cut, would send a 10-year, $1.6 trillion tax cut plan to the US congress on Thursday.
"The economic circumstances have changed. The members of congress who came up to meet with the president this week all said so, and they want to see an acceleration of the tax cut, and so does the president," Mr Lindsey said.
Mr Lindsey and other administration officials had considered pushing for a larger tax cut because of slowing US economic growth. But republican lawmakers have said in recent days the administration has recommended against a larger cut to avoid a risk of future budget deficits and to help attract democratic support.
The proposal would cut marginal tax rates across the board. Wealthy taxpayers would receive by far the greatest benefits in dollar terms, although Mr Bush says his plan would help all Americans, rather than selected groups targeted by alternative democratic proposals.
Reuters