http://story.news.yahoo.com/news?tmpl=story&cid=584&ncid=584&e=16&u=/nm/20040615/pl_nm/congress_taxes_dcCorporate Tax Bill Clears House Panel
Tue Jun 15,12:02 AM ET By Donna Smith
WASHINGTON (Reuters) - Legislation that repeals tax subsidies for U.S. exporters and provides new tax breaks for manufacturers and companies with overseas operations cleared a U.S. House of Representatives committee on Monday.
The bill, passed by the tax-writing Ways and Means Committee on a vote of 27-9, advances to the full House for a vote expected later this week.<snip>
"The last I remembered, we were faced with a World Trade Organization problem and that, because we refused to fix it, we were going to be penalized by some $4 billion in tariffs ... You have taken this $4 billion problem and turned it into a $140 billion tax cut," Rep. Charles Rangel of New York, the top Democrat on the committee, said to Thomas.
The bill also includes a $9.6 billion buyout of tobacco growers and provides a new tax deduction for sales taxes that would benefit people in states that do not have income taxes. <snip>
The Senate also included about $19 billion in energy tax breaks that are not part of the House bill.