Bush Turns Tax Extender Legislation into Law

As expected, President Bush signed the so-called "tax extender" bill. With estimated tax revenue losses of $40 billion; the legislation extends a variety of educational, research and other deductions and credits, including the provision extending deductibility of the taxpayer's choice of sales or income taxes. The legislation also prevents a 5% cut to doctors of Medicare payments and allows additional oil drilling in the Gulf of Mexico.