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Fact Sheet on Congressional Tax Proposals in the 108th Congress, Date: July 11, 2003 1 (July 11, 2003)

handle is hein.tera/crstax0462 and id is 1 raw text is: Order Code RS21386 Updated July 11, 2003 CRS Report for Congress Received through the CRS Web Fact Sheet on Congressional Tax Proposals in the 108th Congress Jane G. Gravelle Senior Specialist in Economic Policy Government and Finance Division Summary In January, President Bush proposed an economic growth tax cut package that would have 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. On May 23, both the House and Senate approved H.R. 2, Jobs and Growth Tax Relief and Reconciliation Act (JGTRRA), and the President signed the package on May 28, P.L. 108-27. While similar in many ways to the President's proposal, the new law differs in some important respects including the taxation of dividends and the timing and expiration of several provisions. The final version includes a temporary increase in the child tax credit, a reduction in individual tax rates, a temporary acceleration of marriage tax relief, reduction in taxes on dividends and capital gains, and reduction of taxes on businesses through depreciation and expensing provisions. Including increased outlays, specifically the establishment of a $20 billion fund for assistance to state governments, the Joint Committee on Taxation estimates the total impact of the package will be $350 billion over 11 years. Beyond the comprehensive tax cuts, both the House and 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 relating to tax incentives for charitable giving, pension diversification, energy taxation, and permanent estate tax repeal. This report will be regularly updated to reflect legislative developments. Major Comprehensive Tax Proposals On May 23, both the House and Senate agreed to the conference report for H.R. 2, reconciling the differences between the House and Senate versions of the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA; P.L. 108-27). According to the Joint Committee on Taxation, the package is estimated to result in $350 billion in reduced revenues (and increased outlays) from FY2003 through FY2013. In contrast to the Senate Congressional Research Service ** The Library of Congress

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