Both the House and the Senate have passed the American Job Creation Act of 2004 by wide margins, putting it on the path to the desk of President Bush, who, despite expressing some misgivings over the bill's voluminous special interest provisions, has indicated that he will sign it.
Following its passage last week by the House, the Senate passed the $137 billion corporate tax bill on Monday in a 69-17 vote. The legislation is intended to eliminate the cause of tariffs that European Union members have imposed on U.S. products since March 1, 2004. The tariffs, which began at 5 percent, have escalated 1 percent a month and are now at 12 percent.
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