An interesting rebuttal to Paul O'Neill's assertions as conveyed in "The Price of Loyalty." Moreover, a fascinating look inside the operations of The White House
http://www.opinionjournal.com/extra/?id=110004553 It is in the area of tax policy that Mr. O'Neill seems most aggrieved, both about policy and process. Although he had been ebullient about the economy during much of 2001, 9/11 convinced Mr. O'Neill that business confidence needed a boost. He suggested a 15-point rate cut in the corporation income tax rate for two years. We took the idea directly to the president. But it was a nonstarter--it just did not comport with the president's view of helping the economy by helping working families directly. This was a policy decision, not a process failure. During 2002, it became clear that although the first round of tax cuts had ended the recession, the lingering effects of 9/11 and the bubble's burst were still weighing down the economy. Mr. O'Neill favored focusing resources on two big long-term reforms: a complete privatization of Social Security and the abolition of the corporation income tax. Both ideas were examined in detail. Instead, the president opted to propose an acceleration of the tax cuts, which were being phased in over several years. Passed in April, these tax cuts were instrumental in jump-starting the economy in the third quarter of 2003. The economy will continue growing in 2004 on the back of sound policy. JDG _______________________________________________________ John D. Giorgis - [EMAIL PROTECTED] "The liberty we prize is not America's gift to the world, it is God's gift to humanity." - George W. Bush 1/29/03 _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
