TBMA Speakers: Bush's Tax Plan Would Spur Economy, Not Hurt Bonds

Smith, Aaron T.
April 2003
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p6
Trade Publication
Speakers at The Bond Market Association's annual meeting in New York on April 10, 2003 praised 726 billion dollars tax cut proposal of U.S. President George W. Bush, and minimized concerns that could have a negative impact on the bond market. �The size of the tax reduction was chosen very carefully to reduce the downsize risks to the economy,� said R. Glen Hubbard, economics professor at Columbia University and former chairman of the president's council of economic advisers. States and local governments have argued the president's plan would force them to pay higher interest rates on tax-exempt bonds at a time they are facing severe deficits. Other groups have expressed concern that the President's plan provides a disincentive for institutional investors, which comprises 23 percent of the market, because municipal bond income is not taxed and cannot be passed on to corporate shareholders as tax-free dividends.


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