While governor, Bush presided over a state government that reduced taxes by 19 billion and he vetoed 2 billion in new spending, according to "The Wall Street Journal". An analysis conducted by economist Martin Sullivan, which eliminated the effects of the federal estate tax repeal (which did not require legislative action to go into effect) and inflation, estimated the cumulative reduction in taxes by the state at closer to 13 billion during Bush's tenure, resulting in tax savings by 2006 of 140 per person, per year. A substantial amount of the tax savings in the higher estimate came from the phasing out of the federal estate tax law implemented in 2001 under President George W. Bush, for a total tax savings of 848 million per year; Jeb Bush did not push for a replacement with a state tax. The biggest reduction in taxes was due to the elimination of the state's Intangible Personal Property Tax, which applied to holdings of stocks, bonds, mutual funds, and money market funds.