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CNN Live At Daybreak
Tax Cut Windfall
Aired May 02, 2003 - 06:13 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ARTHEL NEVILLE, CNN ANCHOR: Time now for a check on business. President Bush is turning his focus back to the nation's economy, but what will his proposed tax cut mean for some of the members of his staff?
Susan Lisovicz is in New York with the numbers.
And, Susan, want to say good morning to you, first of all.
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, happy Friday to you, Arthel.
Well President Bush's tax cut proposal could mean big checks for top administration officials. That's according to a new study by a government workers union and a pair of watchdog agencies. Treasury Secretary John Snow would reap the most benefits under the plan. He'd get a $275,000 windfall from the break on stock dividends. Secretary of Defense Donald Rumsfeld could see $184,000 and Secretary of Commerce Don Evans would pocket about $181,000.
The group says that the president is trying to pass off his tax breaks as a sound plan for economic growth when the only growth they see is his multimillionaire friends' bank accounts at a huge cost to working families. The president, of course, says that the tens of millions of people invested in the stock market could also see some benefits -- Arthel.
NEVILLE: And speaking of the stock market, tell us the latest on the stock market.
LISOVICZ: OK, well, futures right now pointing to a flat to lower open, Arthel, but that could change dramatically at 8:30 a.m. Eastern today when we get the important jobs report for the month of April. Economists expecting the monthly jobless rate to rise to 5.9 percent from 5.8 percent.
As for yesterday, stocks ended the day mixed. Blue chips fell on weaker-than-expected data from the manufacturing sector, showing a drop in activity in April for a second straight month. But the Nasdaq managed to gain about a half a percent.
Keep an eye on shares of Disney today. The Dow component reported quarterly results after yesterday's closing bell meeting the Street's expectations, but earnings at Disney fell as the war and the weak economy hurt its theme park and hotel business. We've been seeing a lot of that in the leisure sector.
Back to you -- Arthel.
NEVILLE: OK, Susan Lisovicz, thank you very much.
LISOVICZ: My pleasure.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired May 2, 2003 - 06:13 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ARTHEL NEVILLE, CNN ANCHOR: Time now for a check on business. President Bush is turning his focus back to the nation's economy, but what will his proposed tax cut mean for some of the members of his staff?
Susan Lisovicz is in New York with the numbers.
And, Susan, want to say good morning to you, first of all.
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, happy Friday to you, Arthel.
Well President Bush's tax cut proposal could mean big checks for top administration officials. That's according to a new study by a government workers union and a pair of watchdog agencies. Treasury Secretary John Snow would reap the most benefits under the plan. He'd get a $275,000 windfall from the break on stock dividends. Secretary of Defense Donald Rumsfeld could see $184,000 and Secretary of Commerce Don Evans would pocket about $181,000.
The group says that the president is trying to pass off his tax breaks as a sound plan for economic growth when the only growth they see is his multimillionaire friends' bank accounts at a huge cost to working families. The president, of course, says that the tens of millions of people invested in the stock market could also see some benefits -- Arthel.
NEVILLE: And speaking of the stock market, tell us the latest on the stock market.
LISOVICZ: OK, well, futures right now pointing to a flat to lower open, Arthel, but that could change dramatically at 8:30 a.m. Eastern today when we get the important jobs report for the month of April. Economists expecting the monthly jobless rate to rise to 5.9 percent from 5.8 percent.
As for yesterday, stocks ended the day mixed. Blue chips fell on weaker-than-expected data from the manufacturing sector, showing a drop in activity in April for a second straight month. But the Nasdaq managed to gain about a half a percent.
Keep an eye on shares of Disney today. The Dow component reported quarterly results after yesterday's closing bell meeting the Street's expectations, but earnings at Disney fell as the war and the weak economy hurt its theme park and hotel business. We've been seeing a lot of that in the leisure sector.
Back to you -- Arthel.
NEVILLE: OK, Susan Lisovicz, thank you very much.
LISOVICZ: My pleasure.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
