US President George W Bush is to unveil a $674 billion economic stimulus plan later today that is far bolder than proposals being considered only a week ago.
The plan, which aims to restore confidence in markets world wide, is expected to eliminate all taxes paid on corporate dividends paid to shareholders, not just cut them in half, as originally proposed.
It is also expected to accelerate income tax cuts planned as far forward as 2006 - not just those scheduled for 2004 under current tax law. It would boost the child tax credit by $400 and accelerate tax relief for married couples, two proposals that were nearly dropped from the plan.
The package will also boost the tax write-off for new business investment and extend unemployment benefits that expired late last month.
The plan is expected to cost the government $674 billion over the next decade, more than twice the price of an early version of the plan.
Two weeks ago, administration officials told congressional aides they would seek to accelerate tax cuts scheduled to take effect in 2004 under the 10-year, $1.35 trillion tax law passed in 2001.
Mr Bush decided to accelerate those tax cuts as well as income tax rate cuts scheduled for 2006.