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  • Senate Passes $350 Billion Bush Tax Cut

    05/15/2003 8:32:31 PM PDT · by Capitalism2003 · 120 replies · 191+ views
    AP | By MARY DALRYMPLE
    <p>WASHINGTON (AP) - The Senate revived the backbone of President Bush's formula for stimulating a laggard economy Thursday, narrowly passing a $350 billion package of tax cuts that would suspend all taxes on stock dividends for three years.</p> <p>The Republican bill, passed on a 51-49 mostly party-line vote, is less than half the size Bush sought but one that advances previously scheduled reductions in income tax rates, provides $20 billion in new aid to state and local governments and raises taxes for a few.</p>