Compromise Tax Plan Isn't A Sure Thing

Duff, Susanna
May 2003
Bond Buyer;5/22/2003, Vol. 344 Issue 31641, p1
Trade Publication
The U.S. House and the Senate reached a tentative agreement on a final tax package that would provide funding to cash-strapped states, but the deal's completion was obstructed by its overreaching costs.The Memorial Day deadline for final action on the tax bill requested by the U.S. President George W. Bush has increased pressure for Congress to reach a deal before they leave for a week-long recess on May 23, 2003. Although the deal's cost amounts to 382.8 billion dollar, it is far less than the 550 billion dollar approved by the House. But it is still over the 350 billion dollar ceiling that Senate Finance Committee chairman Charles Grassley agreed to in order to appease moderate Senate Republicans who voiced concern about widening deficits.Several other tax cuts that President Bush had proposed, including marriage tax penalty relief, provisions to accelerate the 2001 tax cuts, and the expansion of the 10 percent individual income tax rate bracket would expire early to keep the tax plan costs down.


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