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Fact Sheet on Congressional Tax Proposals in the 108th Congress, Date: May 16, 2003 1 (May 16, 2003)

handle is hein.tera/crstax0459 and id is 1 raw text is: Order Code RS21386 Updated May 16, 2003 CRS Report for Congress Received through the CRS Web Fact Sheet on Congressional Tax Proposals in the 108th Congress Don C. Richards Analyst in Public Finance Government and Finance Division Summary The President has proposed an economic growth tax cut package that would cost an estimated $726 billion for FY2003-FY2013, with $396 billion of the total resulting from a dividend relief proposal and the remainder primarily due to acceleration of future tax cuts enacted in 2001. The House and Senate have passed versions of an economic stimulus bill, H.R. 2 and S. 1054 (incorporated into H.R. 2), respectively. Senate Minority Leader Daschle proposed a comprehensive alternative, and the House Democrats announced another plan with several similar provisions with an estimated $177 billion from FY2003-FY2013 in revenue reductions and increased outlays, but the impacts are entirely offset with revenue-raising measures. H.Con.Res. 95, this year's budget resolution, limits the size of an economic growth package that can be considered under the budget process in both the House and Senate. In keeping with the imposed instructions, H.R. 2, as approved by the House, includes a net estimated revenue reduction of $550 billion over 11 years. Also consistent with the instructions, the Senate's version has a $350 billion impact over 11 years. Beyond the comprehensive tax proposals, both the House and the Senate have considered a range of targeted tax proposals. One of the first tax-related measures considered during the 1 08th Congress would provide tax reductions to armed services personnel. Congress has also initiated reconsideration of legislation not completed in the 107th Congress: tax incentives for charitable giving deductions, pension diversification, energy taxation, and tax shelters. This report will be updated to reflect legislative developments. Major Comprehensive Tax Proposals On April 10, both the House and the Senate agreed to the conference report on H.Con.Res. 95, which directs the House Ways and Means Committee and the Senate Finance Committee to report legislation with $550 billion in tax cuts, or $176 billion less than the estimated magnitude of the President's initial economic growth proposal. Congressional Research Service ** The Library of Congress

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