Congress Set to Vote on $350B Tax-Cut Plan Before Weekend

Duff, Susanna
May 2003
Bond Buyer;5/23/2003, Vol. 344 Issue 31642, p5
Trade Publication
The U.S. House and Senate are prepared to vote before the week ending at May 24, 2003 on a compromise tax deduction package that would give states and localities fiscal relief, but would postpone a plan to reduce tax rates for dividends and capital gains to reduce the package's final cost. The latest plan would hold the total cost to 350 billion dollar by cutting the tax rate for dividends and capital gains for five years instead of six. Municipal market participants had feared that the plan would create a disincentive for institutional investors to purchase tax-exempt bonds and drive up borrowing costs because corporations could not include interest from tax-exempt bonds in a dividend account.


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