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November 4, 2004 10:41 PM

Bush Sets Plans To Revamp Taxes, Social Security


Excerpt: Fresh from his re-election victory, President Bush laid out an ambitious economic agenda, signaling a broad overhaul of the tax code and promising to revamp Social Security.


WASHINGTON -- Fresh from his re-election victory, President Bush laid out an ambitious economic agenda, signaling a broad overhaul of the tax code and promising to revamp Social Security.

The president's remarks helped propel the Dow Jones Industrial Average to its biggest one-day gain in more than a year. The Dow jumped 177.71 points, or 1.75%, to finish at 10314.76. At the same time, however, the dollar finished at an all-time low against the euro in late New York trading, amid concern that the trade and government deficits will keep rising.

In a televised news conference, Mr. Bush offered the most detailed explanation yet of his tax-reform goals, saying he wouldn't use an overhaul of the tax code as a back-door way to raise taxes but does want to close special-interest loopholes, which he described as "an interesting part of the debate."

Mr. Bush voiced support for keeping some existing breaks, including those for charitable giving and home-mortgage interest. But his remarks suggest he is prepared to engage in a far-ranging effort to change the tax code and isn't focused simply on more modest proposals to reduce paperwork and simplify the code.

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The Dollar Is Down, But Should Anyone Care? (November 21, 2004)
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Read all 21 posts in the same category of Economy:

U.S. Quiet on China Trade Tax - Dec 17, 2004
Fed Raises Interest Rates for 5th Time This Year - Dec 17, 2004
OPEC Considers Output Cut to Keep Prices From Falling - Dec 09, 2004
A Plan For U.S. Energy Security? - Dec 08, 2004
Fed Heading For A Pause - Dec 07, 2004
Social Security Reform = New Debt - Dec 06, 2004
Fed Sees Growth, Measured Rate Hikes - Dec 05, 2004
Weak Employment Rport Casts Doubts Over US Economic Strength - Dec 05, 2004
Fed: Inflation Not Setting Off Alarms - Dec 05, 2004
Balancing Act On The Buck - Dec 04, 2004
Job Growth Is Well Below Wall Street Forecasts - Dec 03, 2004
Fed Reports Growth In 11 Of 12 Regions - Dec 02, 2004
Inflation Under Control, Fed Gov. Says - Dec 02, 2004
Global Forecasts for 2005 Growth Are Reduced - Nov 30, 2004
Borrowing For Social Security Plan? - Nov 28, 2004
No Longer Top Dollar? - Nov 26, 2004
Don't Worry ... Don't Be Happy - Nov 26, 2004
Is Another Recession Brewing? - Nov 25, 2004
Inflation Is Tame, Right? - Nov 24, 2004
The Dollar Is Down, But Should Anyone Care? - Nov 21, 2004