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In Rebuff to Bush, Senate Votes Tax-Cut Barriers

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  • dv6y
    replied
    Wow. Interesting development.

    Leave a comment:


  • BurnKU
    replied
    senators approved an amendment to the annual spending-and-tax blueprint for 2005 that would require any tax cuts to be offset by equal spending cuts or tax increases over the next five years
    Fine with me. Keep cutting taxes and spending.

    Leave a comment:


  • nick2
    started a topic In Rebuff to Bush, Senate Votes Tax-Cut Barriers

    In Rebuff to Bush, Senate Votes Tax-Cut Barriers

    In Rebuff to Bush, Senate Votes for Tax-Cut Barriers

    By Jonathan Weisman
    Washington Post Staff Writer
    Thursday, March 11, 2004; Page A07

    The Senate voted last night to slap stringent new barriers on tax cuts, dealing a potentially damaging blow to President Bush's efforts to make permanent the bulk of the $1.7 trillion in tax cuts passed since he took office.

    By a 51 to 48 vote, senators approved an amendment to the annual spending-and-tax blueprint for 2005 that would require any tax cuts to be offset by equal spending cuts or tax increases over the next five years. That barrier could only be waived by 60 votes in the 100-vote Senate.

    Lawmakers believe that hurdle could easily be cleared for the three tax cuts that expire this year, which are aimed at middle-income households: the expanded 10 percent tax bracket, the $1,000 child credit, and the "marriage penalty" cut. But Republicans will be hard-pressed to extend more controversial measures that tend to favor the affluent -- such as the deep cuts in capital gains and dividend tax rates that expire in 2009, according to lawmakers and aides.

    "Deficits matter. Debt matters. Let's not leave our children and grandchildren with an even bigger tab than we've already stuck them with," said Sen. Russell Feingold (D-Wis.), the measure's chief author.


    source

    But the vote last night was indicative of growing concerns in Congress -- even among Republicans -- of swelling budget deficits and the president's continuing push for more tax cuts.
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