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Bill Would Prohibit Tax Cuts to Casinos
Under pressure to prevent a big tax increase next year for millions
of middle-income families, the Republican-controlled House passed a bill
Wednesday that would block an increase in the alternative minimum tax
for one year at a cost of $30 billion.
The measure, approved 414-4, would prevent a tax increase for 2006
that would have affected about 15 million families nationwide.
But while the vote was almost unanimous, the bill’s prospects
remained entangled in a broader battle in Congress over extending
President Bush’s tax cuts. If House Republicans push through their
entire agenda, those cuts could total more than $90 billion over five
years.
In addition to voting on the alternative minimum tax, the House
approved $7.1 billion in tax cuts for Gulf Coast areas damaged by
Hurricane Katrina. But in a split with the Senate, the House bill would
prohibit any of those tax cuts from going to casinos, racetracks and
country clubs.
Today, House leaders hope to win approval for their top priority this
week: a $56-billion tax cut that would extend Bush’s tax cuts for stock
dividends.
Read the
entire article at:
The Daily Review
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