House Approves 'Jobs and Growth' Package Bill
The House of Representatives today approved H.R. 2 by a 222-203 vote. In the House version of President Bush's "jobs and growth" package, taxes paid on stock dividends and capital gains would be lowered to 15 percent for most taxpayers and 5 percent for lower income filers. Senate Finance Committee members yesterday voted 12-9 to clear an amended version of the package featuring $421 billion in tax cuts and $71 billion in revenue offsets. The Senate is expected to consider the bill May 12; the Senate version includes an $85 billion dividend tax cut, acceleration of tax cuts enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001, an increase in the individual alternative minimum tax exemption, and $20 billion to fiscally ailing state and local governments.