Thursday, December 08, 2005

HoR votes for $56 billion in Tax Cuts

Following a script written weeks ago, the House of Representatives passed (234-197) a $56.1 billion bill extend a number of business tax breaks set to expire and, more controversially, extend reduced capital gain and dividend rates. The Conference Committee faces an uphill battle, last month's Senate, though of similar size, left out the dividend and capital gain material and instead included a short-term solution to "AMT creep" and certain incentives for rebuilding the Gulf Coast after hurricane season.


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