Tax Bill Almost Complete

The AP's Martin Crutsinger is reporting that the House-Senate conference committee has ironed out almost all the details for extending some of the President's tax cuts.
Majority Republicans have reached agreement in principle on a $70 billion tax relief package that would extend tax cuts on capital gains and dividends for two years and keep 15 million middle income taxpayers from getting hit with a tax designed for the wealthy, GOP aides said late Tuesday. However, final passage of the measure is being linked by Senate Finance Committee Chairman Charles Grassley to achieving an agreement with House Republicans over the outlines of a second package of tax breaks, according to Republican staffers who spoke on condition of anonymity because the deal has not yet been announced by their bosses.
This will definitely put a smile on investors' faces and keep investments humming right along. Couple that with the 4.8 percent first quarter growth and I think there's plenty of reason for optimism about the Bush economy, which has been remarkably durable.

The terror attacks of 9/11 took trillions of dollars out of the economy but it rebounded from that. Hurricane Katrina leveled the southeastern United States & the economy barely hiccupped. I don't want to minimize the destruction because it was vast and total but the economy kept plugging along.

It's worth noting that the Bush tax cuts made the recession one of the shallowest in history. That shouldn't be minimized, either.

The bottom line to extending these tax cuts is an ever-increasing bottom line for more people and big gains for most peoples' 401(k)'s.

Cross-posted at California Conservative

Posted Wednesday, May 3, 2006 1:04 AM

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