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Friday, October 22, 2004

Bush Increases Deficit Today by $136 Billion

AP-With no fanfare, President Bush on Friday (10/22) signed the most sweeping rewrite of corporate tax law in nearly two decades, showering $136 billion in new tax breaks on businesses, farmers, and other groups.

Intended to end a bitter trade war with Europe, the election-year measure was described by supporters as critically necessary to aid beleaguered manufacturers who have suffered 2.7 million lost jobs over the past four years.

The tax package is a massive giveaway that will add to the complexity of the tax system and end up rewarding multinational companies that move jobs overseas. It also will swell the nation's huge budget deficit.

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