โ Scribed by Strobel, Caroline D
No coin nor oath required. For personal study only.
T he Republican-controlled Congress has passed a large tax package that reduces taxes, primarily for individuals, over an extended period. The package is mostly back-end-loaded and also reduces the tax brackets and the marriage penalty, phases out estate taxes, and provides increased incentives towards saving for retirement. Corporations will benefit through extension on a permanent basis of research and development credits. There are additional corporate tax breaks, especially in the foreign tax area. A veto has been promised by the president. This fall we may see discussion about compromise legislation that will lead to a reduced tax reduction package. This will be very difficult for the president to veto.
๐ SIMILAR VOLUMES
C enue Reconciliation Act of 1995, which is the revenue and tax component of the Seven-Year Balanced Budget Reconciliation Act of 1995 (H.R. 2491). Following a veto of the legislation, negotiations between the congressional leadership and the White House are under way to craft a successor package. H