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American Morning
Minding Your Business: Dividend Tax Cut Dead on Arrival?
Aired May 05, 2003 - 07:52 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.
BILL HEMMER, CNN ANCHOR: We know the president has proposed dropping the tax people when they pay -- the money they pay anyway when they sell a stock. But is that plan right now called a dividend dead in the water?
Andy Serwer has been looking into that.
Great to have you back in the morning, by the way.
ANDY SERWER, "FORTUNE" MAGAZINE: You couldn't keep me away.
HEMMER: Good morning.
SERWER: I like that early-morning wake-up call.
HEMMER: Oh, I bet you do.
SERWER: That's why I'm back with you all.
HEIDI COLLINS, CNN ANCHOR: We can call you earlier.
SERWER: No, that's OK. That's all right. It's just I'm fine the way I am.
Anyway, the president's dividend tax cut plan apparently in a lot of trouble. Over the weekend, we are learning here that the Senate Finance Committee will not include the dividend tax cut plan as part of the president's overall tax cut, and that would probably make it dead in the water. Senator Charles Grassley of Iowa saying he won't include that when he brings it to the floor of the Congress.
COLLINS: And what about Buffet? Buffet bashes Bush.
SERWER: That's right.
COLLINS: All right.
SERWER: The greatest investor in the world, Warren Buffet, had his annual corporate Woodstock over the weekend in Omaha, Nebraska. And he had some not so nice things to say about the president's plan. He said, I am not for the Bush plan. It screams of injustice. The main beneficiaries will be people like me, i.e. the very, very wealthy. And, you know, that's how people have been criticizing the plan. Of course, Republicans saying that it's not the case, and back and forth we go.
A great week for stocks last week, a good day on Friday, and futures are looking up this morning.
COLLINS: Wow!
HEMMER: All right, we'll see.
SERWER: So I'm a good luck charm.
HEMMER: So, you've got Warren Buffet against this tax plan. You've got Alan Greenspan again against this tax plan.
SERWER: Yes.
HEMMER: It makes you wonder...
SERWER: And you've got Senate Republicans against the tax plan.
HEMMER: Yes, a couple of them anyway, that's right.
SERWER: Yes, right.
COLLINS: Yes.
HEMMER: Thank you, Andy.
SERWER: OK.
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 5, 2003 - 07:52 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: We know the president has proposed dropping the tax people when they pay -- the money they pay anyway when they sell a stock. But is that plan right now called a dividend dead in the water?
Andy Serwer has been looking into that.
Great to have you back in the morning, by the way.
ANDY SERWER, "FORTUNE" MAGAZINE: You couldn't keep me away.
HEMMER: Good morning.
SERWER: I like that early-morning wake-up call.
HEMMER: Oh, I bet you do.
SERWER: That's why I'm back with you all.
HEIDI COLLINS, CNN ANCHOR: We can call you earlier.
SERWER: No, that's OK. That's all right. It's just I'm fine the way I am.
Anyway, the president's dividend tax cut plan apparently in a lot of trouble. Over the weekend, we are learning here that the Senate Finance Committee will not include the dividend tax cut plan as part of the president's overall tax cut, and that would probably make it dead in the water. Senator Charles Grassley of Iowa saying he won't include that when he brings it to the floor of the Congress.
COLLINS: And what about Buffet? Buffet bashes Bush.
SERWER: That's right.
COLLINS: All right.
SERWER: The greatest investor in the world, Warren Buffet, had his annual corporate Woodstock over the weekend in Omaha, Nebraska. And he had some not so nice things to say about the president's plan. He said, I am not for the Bush plan. It screams of injustice. The main beneficiaries will be people like me, i.e. the very, very wealthy. And, you know, that's how people have been criticizing the plan. Of course, Republicans saying that it's not the case, and back and forth we go.
A great week for stocks last week, a good day on Friday, and futures are looking up this morning.
COLLINS: Wow!
HEMMER: All right, we'll see.
SERWER: So I'm a good luck charm.
HEMMER: So, you've got Warren Buffet against this tax plan. You've got Alan Greenspan again against this tax plan.
SERWER: Yes.
HEMMER: It makes you wonder...
SERWER: And you've got Senate Republicans against the tax plan.
HEMMER: Yes, a couple of them anyway, that's right.
SERWER: Yes, right.
COLLINS: Yes.
HEMMER: Thank you, Andy.
SERWER: OK.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
