Republicans Express Optimism on Tax Cuts

[RedEarth]

WASHINGTON - Republican lawmakers believe they are close to securing passage of legislation to extend three popular middle-class tax cuts, handing President Bush (news - web sites) a major victory just weeks before the election.



Republican leaders have put forward an ambitious schedule that would have the legislation approved by a joint House-Senate conference committee on Tuesday and then come up for final passage in the House and Senate later this week.


Pressure is rising on lawmakers to act because if Congress does not approve extensions of the tax relief measures before it adjourns, three of the most popular parts of President Bush's tax cut program would expire at the end of this year.


The bottom 10 percent tax bracket would shrink, which would cause income taxes to rise for virtually all individual taxpayers.


The child tax credit, currently at $1,000, is scheduled to drop back to $700 per child.


http://story.news.yahoo.com/news?tmpl=story&cid=512&ncid=1278&e=8&u=/ap/20040921/ap_on_go_co/tax_cuts

[Kierkegaard]

1. Yeah!

This is good news! If you're Bill Gates...

Optimism? Why would any of the constituents putting these losers in office be optimistic about paying MORE income tax and losing potential write-offs?

It must be a bad brain chemistry experiment gone horribly awry. :nuke:

[denverbill]

2. I'm sure it'll just be those 3 they vote on. Sure, I believe it.

No, you can bet your sorry ass that the pukies will hurl the millionaire tax breaks in the mix, and force Democrats to vote against it.

That way they will have an election year issue to yammer about.

[Larkspur]

3. And these tax cuts will be offset by Property tax increases.