Posted on 06/17/2004 2:02:29 PM PDT by ZGuy
Democrats helped give Republicans the margin of victory Thursday as the House passed a $155 billion bill that would cut taxes for American producers and pay tobacco farmers to give up a federal program that shores up crop prices.
The 251-178 vote saw an unusual number of Democrats cross party lines and back a GOP tax bill during an election year.
The core of the bill aims to resolve a trade dispute with Europe that has slapped punishing tariffs on some American exports.
The bill passed Thursday reduces the top corporate tax rate for U.S. producers from 35 percent to 32 percent. To bolster support, tax writers made changes to attract votes from Republicans and Democrats. More than 40 Democrats threw their support behind the bill.
One popular addition gives a new deduction to taxpayers who live in states that impose sales taxes instead of income taxes, letting taxpayers choose whether to deduct income or sales taxes from their federal income tax return.
A program to pay tobacco farmers nearly $10 billion to give up a federal quota program that has propped up their prices is among the changes bringing mixed reviews.
The bill's $155 billion in tax cuts and spending is mostly paid for by changes that close tax loopholes, shut down tax shelters and other items. The bill's net cost to the U.S. Treasury over the coming decade would be $34 billion.
Some of the money would be raised by letting the Internal Revenue Service use private debt collectors to collect unpaid tax debts.
The bill is H.R. 4520.
(Excerpt) Read more at nytimes.com ...
This pork laben bill started over a need to eliminate a small export subsidy, I believe the figure was $5 billion. Now one gets a $155 billion bill. Unfortunately Congress is out of control.
Maybe I need to start saving receipts to see if I pay more in sales or income taxes. The Reagan 1986 tax reform got rid of the tax deductiblilty of sales taxes because of all the paper work involved.
Can anyone explain this to a heavy drinking chain smoker?
FMCDH(BITS)
NYT headline"Narrowly" vote was 251-178. That's 58.5% in favor. Word's do mean something and they sure like to mis-lead.
Beats me..........
However, I expect it is something that was backed by Philip Morris which is never good for smokers or tobacco farmers.
It's the NYT - what do you expect??????????
Lord have mercy!
The bill's net cost to the U.S. Treasury over the coming decade would be $34 billion.
Uhhhhhhhhhh............
It's the cost to the TAXPAYERS not the treasury.
Stupid Party
I can't help. I'm getting drunk and need a smoke. Later
"I can't help. I'm getting drunk and need a smoke. Later"
LOL - maybe some of us need to be in the lounge :)
No. It costs the the treasury and it benefits the taxpayers.
It's not open!
Actually, you will be able to do that OR to use a table based on your income to estimate the deductible amount.
Under the old tax law taxpayers whose states have a sales tax but no state income tax have been in essence subsidizing taxpayers from states that have a state income tax. If I understand it correctly that inequality would be corrected with this bill.
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