Senate Passes Concurrent Resolution With $350B in Tax Cuts

Wednesday, March 26, 2003 - 1:45AM

The Senate yesterday in a 56-44 vote approved a concurrent resolution on the fiscal year 2004 budget featuring $350 billion in tax cuts. The House last week passed a budget that called for $726 billion in tax cuts - the full Jobs and Growth plan proposed earlier this year by President George W. Bush. The Senate version, S. Con. Res. 23, is capped at $350 billion, which could effectively eliminate the proposed dividend tax exclusion. The bills will now be sent to a bicameral budget conference where the House and Senate must resolve the differences between the two versions and the White House is expected to actively lobby key Republican Senators to assess what they believe they can accept in the House/Senate budget agreement. For the text of both versions, click here.

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