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.

The package also includes a one-year reprieve to slow the spread of the alternative minimum tax to middle-class workers.

Grassley's plan includes more than $78 billion in total tax cuts over the next five years, including nearly $7 billion in hurricane-related tax relief. Tax breaks for equipment and building investments, as well as line items to aid businesses with the cost of demolition, clean-up and reforestation are included in the bill and would apply to a special Gulf Coast business zone proposed by President Bush.As it stands, the bill includes more than $9 billion in revenue-raising measures. The Senate should begin debating the package this week.

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