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GOP Tax Cut Bill Passes Senate

Yesterday, the US Senate narrowly approved a $792 billion tax cut, 50-49. The bill, which was passed by the House with a vote of 221-206, would, among other things, cut all five income tax rates by one percentage point, lower capital gains rates, and eliminate death taxes on estates. The bill will not be sent to President Clinton -- who opposes the size of the cut and favors using the projected budget surplus to shore up Social Security and Medicare -- until Congress returns from the August recess. The President has promised to veto the measure, and both parties will, no doubt, spend the next month advocating their respective positions to the voters. The sites listed provide more information about the tax cut bill.
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2003-04-03 12:38:27
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2003-04-03 12:38:27
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