HAD ENOUGH TAX RELIEF?:

Bush, Hill Republicans Agree To Extend Expiring Tax Cuts (Jonathan Weisman, 5/03/06, Washington Post)

President Bush and congressional Republicans agreed yesterday on a $70 billion package of tax-cut extensions that they hope will help halt the deterioration of their political fortunes.

The package would extend the 2003 cuts to the tax rates on dividends and capital gains, continue tax breaks for small-business investment and the overseas operations of financial service companies, and slow the expansion of the alternative minimum tax, a parallel income tax system that was enacted to target the rich but is increasingly snaring the middle class.

It's the AMT that gives them leverage over Democrats for a real reform package--make it bite.

Posted by Orrin Judd at May 3, 2006 12:00 AM