The US House Budget Committee on Wednesday approved a $2.4 trillion budget for fiscal 2005, which contains some $152 billion in tax cuts.
The main tax measures included in the budget, which is limited to a five-year period, will extend tax cuts due to expire in 2004, including those aimed at married couples and taxpayers with children. The proposals also expand the amount of income subject to the lowest tax bracket for all taxpayers.
The bill, which passed on a 24-19 vote, was written entirely by House Republicans and received no support from the Democrats. It was described by House Majority Leader Tom DeLay as “one of the most important bills we take up this year.”
The tax and spending proposals in the budget will result in an annual budget deficit of $378 billion in 2005, falling to around $250 billion by the end of the decade.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment