January 13, 2006

PERMANENT PAMPLONA:

Bush's Bull Market (Phil Kerpen, 01.12.06, Forbes)

The bull market is now prominently in the American consciousness. The iconic Dow Jones Industrial Average crossed the 11,000 mark this week for the first time since June 7, 2001, which was before the worst of the recession and the Sept. 11, 2001 attacks. Big, round numbers are sometimes only psychologically important, but this milestone also carries economic and political significance.

On Jan. 31, President George W. Bush will deliver his State of the Union address and make the case for maintaining the current tax treatment of investment income--postponing or repealing large scheduled tax hikes. Given the overwhelming success of his 2003 tax policy changes, as demonstrated by the revival of the stock market as well as the broader economy, this should be the top domestic priority of both the president and the GOP congressional leadership.

Dow 11,000 is just the latest in a long line of compelling evidence that the 2003 reductions in the tax rates on capital gains and dividend income worked.


the rich keep getting these tax cuts and all the rest of us have to show for it is 23 years of economic growth and $51 trillion in household net worth.

Posted by Orrin Judd at January 13, 2006 8:54 AM
Comments

Can you fit that on a t-shirt?

Posted by: erp at January 13, 2006 9:19 AM

"W made my house double in value"

Posted by: toe at January 14, 2006 8:54 PM
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