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Fact Sheet on Congressional Tax Proposals in the 108th Congress, Date: May 23, 2003 1 (May 23, 2003)

handle is hein.tera/crstax0460 and id is 1 raw text is: Order Code RS21386 Updated May 23, 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. 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. After approving separate proposals, both the House and Senate approved a conference agreement to H.R. 2, Jobs and Growth Tax Relief Reconciliation Act, on May 23. This legislation includes a temporary increase in the child tax credit, a reduction in individual tax rates, an acceleration of marriage penalty relief, reduction in taxes on dividends and capital gains, and a reduction of taxes on businesses through depreciation and expensing provisions. Including increased outlays, namely establishing a $20 billion fund for assistance to state governments, the Joint Committee on Taxation estimates the total impact of the package would be $350 billion 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 108th 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. Additional language suggests initial Senate consideration of budget legislation providing Congressional Research Service ** The Library of Congress

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