Independent Christian Voice

Wednesday

Senate panel does not extend tax-rate cut

Bad news for fat cats, but good news for America. Washington Post reports:

Facing a stalemate over one of President Bush's top economic policy goals, the Senate Finance Committee yesterday gave up efforts to extend deep cuts to the tax rate on dividends and capital gains and approved a $60 billion tax measure largely devoted to hurricane relief and tax cuts with bipartisan appeal.

The measure, which could pass the Senate today, marks the latest in a string of legislative setbacks for Bush, who has repeatedly called on Congress to make his first-term tax cuts permanent and has taken particular pride in the 2003 dividends and capital gains tax cuts, which are set to expire in 2008.

The Senate measure diverges sharply from a Ways and Means Committee tax package moving toward a House vote as early as Friday. The House package, which cuts taxes by $70 billion over five years, would extend the dividends and capital gains tax cuts through 2010. It would not extend a measure to mitigate the impact of the alternative minimum tax, which is increasingly snaring the middle class.

[more]

But it's this line that gets me.
Ways and Means Chairman Bill Thomas (R-Calif.) would like to use the political pressure of a rising AMT burden to drive a broad tax-code overhaul.
Average Americans will continue to carry a heavy tax burden while this committee chairman plays politics. Nice.

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