Washington (May 12, 2003) -- Republicans pushed a tax-cut bill through the House Friday that would reduce taxes by $550 billion through 2013.

The bill, which was opposed by Democrats who fear it will only widen the federal deficit, would lower income tax rates, capital gains taxes and the taxes on small business investments.

The Republican-controlled Senate plans to vote on a similar measure this week. It will then go to a joint congressional committee to iron out a final package.

The House bill was backed by President Bush. The White House budget office called the legislation "a strong and positive step forward that will help the economy." But it left room for compromise, saying the administration "will continue to work with the Congress in crafting a final bill that best embodies the objectives and priorities of the president's plan."

-- WebCPA staff

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