Congress Morphs an 'Itty-Bitty' Tax Cut Into a Budget Buster

Brief

Congress Morphs an 'Itty-Bitty' Tax Cut Into a Budget Buster

Abstract

[Los Angeles Times] On May 15, the Senate passed a tax cut that would probably prove even more costly and less responsible than the Bush Administration. The president's dividend-relief proposal would cost almost $400 billion over the next 10 years. The Senate version could end up costing much more. Instead of ending the "double taxation" of corporate income, the Senate bill threatens to end all taxation of corporate income.

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