The Senate Finance Committee may not end up approving a big tax-cut package after all.[@@]
The committee had scheduled a meeting today to consider a new bill, the Tax Relief Act of 2005, but it ended up postponing the meeting. Some press reports are suggesting that the bill might be doomed.
The tax bill, often described as a companion to S. 1932, a deficit reduction bill, would create many tax breaks for survivors of the recent hurricanes and for donors to relief efforts.
The bill also would extend a variety of tax breaks originally created by the Economic Growth and Tax Relief Reconciliation Act of 2001.
If enacted, the tax bill would extend EGTRRA provisions that:
- Cut the tax rates for dividend income and capital gains.