Congress extends tax cuts for years
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WASHINGTON - Congress overwhelmingly approved $146 billion in middle-class and business tax cuts Thursday night, handing President Bush a big victory 40 days before the election.
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The U.S. House of Representatives has approved a seven-year extension to an Internet tax ban, the final step before the legislation heads to President George Bush to be signed into law.The House on Tuesday approved the Senate version of the Internet tax moratorium, which would ban Internet-only taxes such as access taxes for seven years. The current ban has been in effect since 1998, except for a lapse during most of 2004.Many supporters of the moratorium had&#160;called for a permanent ban, but some lawmakers and state and local government groups had&#160;raised concerns&#160;that a permanent ban would hurt state and local governments&#39; ability to raise money. Opponents of a permanent ban also questioned if telecom carriers would try to expand the ban to services such as VoIP.Bush is expected to sign the legislation. He has supported an Internet tax ban, and he signed the last extension, passed by Congress in late 2004.The ban on Internet taxes expires Thursday. Lawmakers in favor of extending the ban say it&#39;s important to promote the adoption of broadband, which, in turn, creates jobs and improves the U.S. economy.Earlier this month,&#160;the House passed a four-year extension. After the Senate passed the seven-year ban last Thursday, the House on Tuesday voted 402-0 for the seven-year ban.The tax moratorium does not ban sales taxes online. It applies only to taxes that would be unique to the Internet, including taxes on Internet access.Sen. John Sununu, a New Hampshire Republican, praised the House for passing the seven-year ban, which he cosponsored. The Senate version of the bill, awkwardly named the Internet Tax Freedom Act Amendments Act, specifically exempts e-mail and instant messaging from taxes after some groups raised concerns that the House version of the bill could allow taxes on those services.&quot;It&#39;s great to see Congress act on time for a change and take an enormous step for Internet tax freedom -- banning access taxes and protecting e-mails and instant messaging for the next seven years,&quot; Sununu said in a statement. &quot;I will continue to fight for a permanent ban on access taxes, but this is a strong step forward. Taxing the Internet is wrong for consumers and wrong for the economy.&quot;The United States Telecom Association, a trade group, and Verizon Communications both praised Congress for passing the extension.&quot;Broadband access is now a crucial driver of America&#39;s economy, and this moratorium extension will ensure continued investment and growth in the broadband marketplace,&quot; Peter Davidson, Verizon&#39;s senior vice president of federal government relations, said in a statement. &quot;This is good for consumers and businesses across the country.&quot;
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A House-Senate conference is expected to agree today to extend a package of tax cuts set to expire at the end of this year.
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September 24, 2004 - Congress extended three of President Bush&#39;s most popular tax cuts by lopsided margins Thursday night.
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The Federal Election Commission has announced revised contribution limits that have been indexed for inflation and are effective for the 2007-2008 elections for President, U.S. Senate, and U.S. House of Representatives.
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Millions of entrepreneurs, teachers and parents with kids in college have a financial stake in whether Congress, in the dying hours of Republican rule, revives tax breaks that expired 11 months ago.
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With only a few days to go before a ban on Internet taxes expires, the Senate approved a measure to extend the prohibition for seven years. The House approved a similar bill last week, but the differences must now be ironed out in a final bill submitted to President Bush before the current law runs out on November 1.
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WASHINGTONÂ -- With the U.S. Congress winding down its work for 2004, technology lobbying groups are stepping up their push for lawmakers to pass several pieces of legislation, including extensions to a research and development (R&D) tax credit and an Internet access tax moratorium.
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House-Senate negotiators late Wednesday approved extending three popular middle class tax cuts and Republicans, anxious to get the bill to President Bush, predicted swift passage in both chambers of Congress. The conference panel approved the bill after overriding objections from Democrats who said the tax cuts should be paid for by tax increases in other areas, limiting its impact on the government soaring budget deficit.
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WASHINGTON - With lopsided margins in both houses, Congress gave President Bush his fourth tax cut in four years, extending three popular middle-class tax breaks and reviving some expired business tax incentives just six weeks before the election.    Many Democrats complained during the debate Thursday that majority Republicans who control Congress should have offset the lost revenue to keep the nation's soaring deficits from getting worse...
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Congress has some seasonal tax goodies for you.
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Seven years ago, President Bush rode into town promising tax cuts and rebates. He's heading out the same way.
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T&#39;S often forgotten that President Ronald Reagan signed a bill to raise taxes in the early 1980&#39;s after first cutting them.
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The R&D tax credit, first passed as a temporary measure in 1981, has been extended 11 times and allows U.S. companies conducting research and development activities to get a tax credit of up to 10% of R&D spending.
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Americans looking to reduce their federal income taxes this year will get help from several important tax law changes that have expanded credits and deductions.
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Key provisions of the corporate tax bill debated Thursday by the House with cost estimates over 10 years from the Joint Committee on Taxation:
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Representative Charles B. Rangelâs proposal has shaped the debate over whether to keep President Bushâs tax cuts.