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-Caveat Lector- President Signs Corporate Tax-Cut Bill
By REUTERS
Published: October 23, 2004Without fanfare,
President Bush yesterday signed into law a nearly $140 billion corporate tax cut derided by its critics as a giveaway to special interests. The new law aims to end a trade fight with the European Union by repealing export tax subsidies that violate global trade rules.
But the European Union has objected to some provisions and has yet to say whether it will remove its sanctions on $4 billion worth of American goods.
President Bush signed the measure aboard Air Force One en route to a campaign rally in Pennsylvania, forgoing a public ceremony that would have attracted attention to the tax cuts less than two weeks before Election Day.
The White House accompanied the signing of other major tax bills with lavish public ceremonies. This one was noted with a one-paragraph statement by the press secretary.
The $140 billion in new business tax breaks included many special-interest provisions criticized by public interest groups and fiscal conservatives.
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