But an economy that is facing slumping home sales, a credit crisis and nose-diving markets will not be rescued by temporary cash handouts. History has taught us this lesson repeatedly.
Washington sent Americans $300 tax rebate checks in 2001, but the handouts did little for real economic growth and Congress went back to the drawing board. Instead of making the same mistake again, President Bush and Republicans pushed for pro-growth tax cuts in 2003.
In the wake of these 2003 tax cuts capital gains, income and dividend tax rates were lowered. This long-term tax relief gave individuals and businesses incentives to work hard, save and invest in the economy. The result was the creation of over 8 million new jobs, a significantly increased rate of growth for the GDP and a skyrocketing stock market.
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