Senate Plan Leaves No Room for Bush's Dividend Tax Proposal

Duff, Susanna
March 2003
Bond Buyer;3/27/2003, Vol. 343 Issue 31802, p36
Trade Publication
The Senate finalized its blueprint for the fiscal 2004 budget on March 26, 2003, keeping in tact its earlier decision to leave only room for a 350 billion dollar tax cut — a decision that minimizes the chances that Congress would approve the tax-free dividend plan as proposed by the U.S. President George W. Bush. However, Congress may consider a scaled-down version of the plan when an actual tax bill is drafted. The Senate's budget outline would cap the tax plan at 350 billion dollars under an amendment offered by senator John Breaux. Senate Finance Committee Chairman Charles Grassley said that he did not think Congress would approve a full exclusion of taxes on dividend income, but would consider a 50 percent exclusion.


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