Tax reduction fever in Washington.

Kiplinger Tax Letter, The, November, 2002

Tax reduction fever is sweeping through Washington these days.

A batch of tax cuts are being touted, now that the GOP has control of both the House and Senate. Republicans are promising to bring an end to the gridlock that has stymied tax legislation since this past spring. And they want to pass a relief package quickly to help spur the economy.

But lawmakers will soon be scaling back their tax plans a bit. Current deficits make passage of huge tax relief politically awkward. And Senate rules will hamper those who want to move a big package fast.

Making ALL the 2001 tax cuts permanent tops the GOP's list. All of the breaks in last year's bill are set to lapse after 2010... tax rate reductions, estate tax easings, child credit increases, etc....

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