Posted on 06/24/2002 3:23:24 AM PDT by JohnHuang2
Edited on 07/12/2004 3:54:55 PM PDT by Jim Robinson. [history]
As the Republican-led House spars with the Democratic-controlled Senate over various tax issues, four items become readily apparent. The first is how slowly many of the tax cuts that were passed last year in President Bush's 10-year, $1.35 trillion tax-relief program are to be implemented over the decade. For example, despite the fact that tens of millions of two-earner married couples have for years been paying about $1,400 per year more in federal income taxes than they would pay if they were cohabitating and filing separately, the amelioration of this deplorable situation doesn't begin until 2005. Then, it takes five years to fully address. Regarding the estate tax, more appropriately known as the death tax, the tax-relief plan reduced the 55 percent rate by only 5 percentage points in 2002, after which it will decline by a mere 1 percentage point per year through 2007. Afterward, it is belatedly eliminated altogether in 2010
(Excerpt) Read more at washtimes.com ...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.