The Bush administration budget for fiscal year 2006 would make permanent the tax cuts passed in 2001 and 2003, close loopholes, and consolidate the many existing retirement plans into one, but it would leave fixing the alternative minimum tax to be considered by the tax reform panel named in January.The proposed budget includes a refundable income tax credit for the cost of health insurance purchased by individuals under age 65, and an additional $500 million for Internal Revenue Service enforcement measures.
Other revenue provisions would:
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