Bush proposes tax cutting taxes, regulatory costs for manufacturers

The Bush administration proposed to
cut taxes and regulatory costs as a way of boosting the
competitiveness of U.S. manufacturers, which have shed 2.7
million jobs since President George W. Bush took office.

Commerce Secretary Donald Evans issued a report with 63
recommendations to reduce legal, health and regulatory costs so
that American companies can compete more effectively with rivals
in countries such as China. Evans also is to lead a presidential
council that will coordinate the government’s policies.

“Our strategy is to remove the barriers that are holding
back American manufacturers and costing jobs,” Evans said at a
ceremony at the Cleveland headquarters of Lincoln Electric
Holdings Inc., the world’s largest maker of welding equipment.

“This is a single step in an ongoing process: Ensuring that
American companies are competitive in every part of the world.”

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Democratic presidential candidates such as Missouri
Representative Richard Gephardt have charged that the Bush
administration hasn’t done enough to hold down imports and keep
factories from relocating to Mexico or China.

Bloomber News