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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)