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Politics : Right Wing Extremist Thread -- Ignore unavailable to you. Want to Upgrade?

To: greenspirit who wrote (8918)	5/25/2001 11:41:49 PM
From: KLP	Respond to of 59480

Thanks Michael, for both this search engine, and the post before with the Congressional benefits site, etc.....I'll look it over this weekend, and in the meantime, cc'd your post into my own email for future reference!

To: greenspirit who wrote (8918)	5/26/2001 12:53:21 PM
From: KLP	Respond to of 59480

Congress sends tax cut bill to Bush 11:33 CDT 5-26-01 sns.chicagotribune.com Congress sends tax cut bill to Bush By Curt Anderson AP Tax Writer May 26 2001, 11:33 AM CDT WASHINGTON -- A Senate majority voted today for passage of a broad tax relief package with rebates this year of up to $300 for singles and for married couples. Forty-five minutes after the voting began, 57 of the Senate's 100 members voted for it and 34 against. The vote was kept open to accommodate Democrat Sen. Joseph Biden, who was traveling from his home in Delaware to the Capitol. "I think it's good for the economy. It's surely good for the working men and women of America to have tax relief," said Sen. Charles Grassley, R-Iowa, chairman of the Finance Committee and a chief negotiator in the compromise finally reached Friday after days of negotiations. The House, in a rare Saturday session, passed the 10-year, $1.35 trillion measure by a 240-154 vote. With favorable Senate action, Congress is giving President Bush his biggest victory since taking office. "This morning, we're returning some of the taxpayers' money," said House Ways and Means Committee Chairman Bill Thomas, R-Calif., one of the bill's chief authors. House Majority Leader Dick Armey, R-Texas, said the reduction in tax revenues also could profoundly affect how Congress spends the public's money. "The party is over, the party has moved, the party is no longer in Washington," he said. "The addicts are going to have to take the cure, we're no longer going to get stoned on other people's money." The legislation, a blend of Bush's proposals and those from Congress, cuts income taxes across the board, abolishes the estate tax, eases the marriage penalty, and doubles the $500 child tax credit. It also includes breaks for education and retirement savings. In a statement Friday, Bush said the agreement means "American taxpayers will have more money in their pockets to save and invest and the economy will receive a well-deserved shot in the arm. Tax relief is the centerpiece of our American agenda and I look forward to signing it into law." During floor debate today, many House Democrats criticized the bill as an unwise drain on projected budget surpluses needed for other priorities, such as education and Social Security. They also contended that too great a share of the tax cuts would go to wealthier Americans. "You have a little bit of sugar hiding a pot full of fiscal irresponsibility," said Rep. Sander Levin, D-Mich. The deal was reached by four lawmakers who met all day Friday in a second-floor Capitol room. Thomas and Grassley represented the Republicans. The Democratic members were Sens. Max Baucus of Montana and John Breaux of Louisiana. "Democrats fully participated in this process," Baucus said. "I do believe this is a very good result." Under the plan, the Treasury Department would begin mailing out lump-sum checks starting this summer to reflect the first year of a new 10 percent income tax rate on the initial $6,000 of an individual's income, $12,000 for married couples. Individuals would get up to a $300 refund this year. Single parents would get up to $500 and married couples up to $600. The new 10 percent rate would remain in effect in later years. The top 39.6 percent income tax rate would drop to 35 percent by 2006, with most other rates falling by 3 percentage points. The first installment of the reductions would take effect July 1. The 15 percent rate, however, remains the same. Total tax relief for 2001 would amount to about $55 billion, said White House chief economic adviser Lawrence Lindsey. Although the budget passed by Congress envisioned an 11-year tax cut, the compromise assumes that the tax cuts end in 2010 so that all the relief would fit under the $1.35 trillion ceiling. The provisions also would end in 2010 unless renewed by a future Congress. Other provisions of the plan would double the $500 child tax credit gradually by 2010 -- to $600, effective in 2001 -- and expand contribution limits for IRAs and 401(k)-type plans. The estate tax would be repealed by 2010, with exemptions rising from $675,000 now to $3.5 million over time. For married couples who pay a tax penalty, the 15 percent bracket would widen so that more of their earnings are taxed at a lower rate. The package also would increase the standard deduction for married couples so it equals twice that of singles. The negotiations occurred against an unprecedented political backdrop: Vermont Sen. James Jeffords' switch from Republican to independent becomes official when the tax bill is passed, handing Senate control to the Democrats. Copyright © 2001, The Associated Press