WASHINGTON — The battle over which tax cuts or government cash payments might help stimulate the economy begins today, as President Bush offers details of his $600 billion plan, the outline of which Democrats decried Monday as...
WASHINGTON — The battle over which tax cuts or government cash payments might help stimulate the economy begins today, as President Bush offers details of his $600 billion plan, the outline of which Democrats decried Monday as ineffective.
But there’s one certainty: Bush’s plan will be changed. The GOP’s majority control in both chambers of Congress is slim and Democratic votes will be needed to pass a package, especially in the Senate, where rules favor opposition interference.
Something else is clear: Debate over a stimulus package will be heated, with House Minority Leader Nancy Pelosi (D., Calif.), firing the first salvo Monday when she said "joblessness is rampant" in the Bush administration, and Rep. John Spratt (D., S.C.), a member of Democratic leadership, said the Bush stimulus plan was about the "stock market," while a competing Democrat plan was about the "job market."
At the centerpiece of Bush’s 10-year plan is slated to be an elimination of taxes shareholders pay on dividends. He is also expected to call for a speedup of $1.3 trillion in phased-in income and other tax cuts passed in 2000 and a direct $400 tax rebate for middle-class parents.
House Democrats on Monday unveiled their $136 billion stimulus package targeted to be spent only in 2003. Their plan includes a $300 per person or $600 a couple tax rebate for all workers, an increase in new plant and equipment depreciation for the year and $31 billion in funds to states and locales to spend on homeland security, highways, Medicaid cost and "critical needs."
There is common ground between the parties on one issue: extending unemployment benefits that expired Dec. 28 for some 800,000 people. However, the Democrats want a 26-week extension and the GOP wants 12 weeks.
For their part, retailers are weighing both proposals as to what might be best to jump-start the flagging economy.
"We have to look at it all," said Steve Pfister, senior vice president of government affairs at the National Retail Federation, not ready to immediately line up behind either program.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty