Both the House and Senate Budget Committees have finalized the markup of budget proposals that are similar to the administration budget proposal.
The Senate version contains tax relief of $825 billion over five years, including an extension of the 2001 and 2003 income tax cuts for taxpayers making under $250,000 a year; AMT relief; estate tax reform; and business tax relief and extenders. The plan projects $14.1 trillion in revenue. It assumes the enactment of loophole closers and enforcement efforts to help close the tax gap, address offshore tax havens, and shut down abusive tax shelters. None of the proposals affecting upper-income taxpayers would go into effect until 2011, when the economy is projected to be in recovery.
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