Wednesday, November 16, 2005

Tax Committees Vote Out $55-60 Billion in Tax Cuts

In a pair of stories, the House Ways and Means Committee passed on effectively a party-line vote a $56.6 billion tax cut package while the Senate Finance Committee voted through a $59.6 billion package. Among significant differences between the two bills are dividend and capital gain tax reductions (House, not Senate), AMT relief (Senate, not House), savers credit, teachers expense deduction and sales tax deduction (not in House) and special incentives for charitable giving and hurricane rebuilding (in Senate).

Looks like the Joint Committee on Taxation will have its hands full; especially if it hopes to keep the package under $60 billion.


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