Senate Finance Committee Chairman Charles Grassley, R-Iowa, announced a plan to cut taxes by nearly $70 billion by 2010.

Some changes are still likely to be made to the proposal, which includes a one-year extension of measures lowering taxes on capital gains and corporate dividends that are set to expire in 2008. If the package to tal net revenue reductions are less than $60 billion, the legislation could not be filibustered.

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