Democrats Poised to Approve $275 Billion Tax Cut

[w¡n9Nµ7 §£@¥€r 123]

Jan. 22 (Bloomberg) -- Democrats in charge of the House Ways and Means Committee are poised to approve a $275 billion tax cut as part of the $825 billion economic stimulus bill sought by President Barack Obama.

The panel’s action today would send the tax plan, providing $500 in payroll tax cuts to individuals and $1,000 to families, to the full House. It will be merged with $358 billion in public- works spending that passed the House Appropriations Committee yesterday, plus another $192 billion in mandatory spending increases.

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The $275 billion tax cut would be largely concentrated in the next two years. Its largest provision would give individuals and families about $145 billion in tax cuts by reducing payroll taxes withheld from paychecks for individuals who earn less than $75,000 a year and married couples who earn less than $150,000 annually.

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The bill would expand tax credits for the working poor, making more families eligible for a child tax credit, and enhance tax provisions that subsidize college tuition.

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The three-dozen tax provisions would give businesses incentives to invest in equipment and remove a requirement that first-time homebuyers repay a special $7,500 tax credit enacted last year to stimulate the housing market.

http://www.bloomberg.com/apps/news?pid=206...uw&refer=us

[Jasman0717 9]

Claudeth will just spend it on herbs and jewelry

[luckytxn 2,265]

So. Pretty much business as usual it seems with the incoming administration. When is this change gonna happen?

[w¡n9Nµ7 §£@¥€r 123]

Tax cuts that aren't targeted to the rich? I call that change