The House of Representatives passed the final piece of $95 billion in tax cuts in early December, in a vote split mostly along party lines.The most recent bill approved $56 billion in tax cuts over the next five years, including a two-year, $20 billion extension of President Bush's 2001 tax cut for stock dividends and capital gains.

The budget that the House passed just before Thanksgiving would cut $51 billion over five years from programs like Medicaid, food stamps, farm subsidies and child-support enforcement. Meanwhile, the version of a budget passed by the Senate would cut taxes by $60 billion over five years, and not extend the tax cut on stock dividends.

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

Don't have an account? Register for Free Unlimited Access