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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: D. Long who wrote (109)	5/1/2003 6:25:09 AM
From: LindyBill	Read Replies (2) \| Respond to of 793955

Thanks, Derek. I have not posted much on the Tax cuts because, frankly, it bores me. That is probably because what little I have left is in Bonds (Sob). No juice for me. I see the whole issue as tax reform. Politically, I think the Repubs can sell "Tax Cuts" to the swing, and it does energize the Repub base. I don't think any extra Dems come out to vote over it one way or another. washingtonpost.com Simpler Tax Cut Is Floated House Leaders Offer Uniform Rate on Dividends, Capital Gains By Jonathan Weisman Washington Post Staff Writer Thursday, May 1, 2003; Page A04 House leaders have embraced an effort to replace President Bush's complex plan to eliminate the "double taxation of dividends" with a simpler proposal to lower taxes on capital gains and dividends to a new, uniform rate, congressional sources said yesterday. The decision could prove fatal to the president's embattled proposal, which faces slim prospects in the narrowly divided Senate. With Speaker J. Dennis Hastert's backing, Ways and Means Chairman William M. Thomas (R-Calif.) presented committee members a $550 billion tax-relief plan that differs in many ways from the 10-year, $726 billion tax-cut plan that Bush unveiled in January. Under Thomas's plan, the president's centerpiece proposal -- to end taxation on dividends paid out of fully taxed corporate income -- would be replaced by a rate as low as 15 percent on capital gains and dividends for all but the poorest taxpayers. Most capital gains are taxed at 20 percent, while dividends are taxed as income. A 15 percent rate would cut the tax on dividends by more than half because most dividends are paid to taxpayers in the highest tax bracket, currently 38.6 percent. REST AT:http://www.washingtonpost.com/wp-dyn/articles/A62251-2003Apr30.html