As the Senate approved a measure with $60 billion in tax cuts, the House will consider its own measure containing $56.6 billion in cuts. Both plans are spread over the next five years.
Most of the House's cuts will come from expanding President Bush's tax cuts on dividends and capital gains, which are set to expire in 2008. The Senate's bill took its cuts from granting a one-year reprieve to households on the verge of being hit by the alternative minimum tax, and doesn't extend the president's breaks.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access