Washington -- A lot of sizzle, but little steak. That's the opinion of the Congressional Budget Office, which recently unveiled its findings on the costs of H.R. 4520 -- the American Jobs Creation Act of 2004 -- over a 10-year period.The CBO said that overall, the bill would have little effect on the deficit as it is projected to slash revenue by nearly $7 billion between years 2005 and 2014 and decrease spending by roughly the same amount.
The 650-page bill, signed by President Bush Oct. 22, affords deductions for domestic manufacturing while repealing the extraterritorial income exclusion. The CBO said the repeal on the ETI would hike revenues by nearly $50 billion, but would be more than offset by the deductions for the manufacturing sector, which would cut revenue by nearly $80 billion.
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