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Bush Repeals Export Subsidies, Approves Huge Corporate Tax Cut


President Bush has signed into law a huge corporate tax cut as part of a measure aimed at bringing an end to European Union trade sanctions on U.S. exports.

The bill signed Friday repeals billions of dollars in U.S. export subsidies that were ruled illegal by the World Trade Organization.

It also provides nearly $140 billion in tax cuts for American corporations, including a one-year tax holiday allowing firms to return billions of dollars in profits back to the United States at dramatically lower tax rates.

Some Republicans and many Democrats, including presidential candidate John Kerry, have blasted the bill as a corporate give-away.

Some information for this story provided by AFP and Reuters.
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