Senate Keen To Advance Further Tax Relief

by Leroy Baker, Tax-News.com, New York

05 November 2004

Charles Grassley, chairman of the tax writing Senate Finance Committee, has indicated that he is keen to maintain the tax relief momentum in 2005, following the election of George W. Bush to a second presidential term.

"We should look for as much permanence of previously enacted tax relief measures as possible. Taxpayers should see no lapse in tax relief,” Grassley declared in a statement supporting Bush’s intentions to examine a more radical approach to tax reform in the next four years.

The Iowa Republican also stated that the committee would seek to work with the President in order to achieve longer term simplification and restructuring of the US tax code, as alluded to by Bush during his recent election campaign.

Bush has proposed the creation of a bi-partisan committee to consider wholesale changes to the tax system.

In the short term, legislation to extend tax cuts expiring next year, such as college tuition deductibility and low income savers credits will be likely to figure on the new Senate’s initial agenda, Grassley revealed.

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