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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
May 27, 2001
Page
4
Congress passes a tax cut package and repeals income tax for 2010, while gifts retain a 40 percent rate. The measure reduces overall levy but keeps gift taxes at a high level, shaping fiscal policy amid debate. Local observers note implementation details remain unsettled as agencies prepare guidance.
Congress approves a 1.6 trillion tax cut with up to 300 per individual 600 per couple rebates and education retirement breaks. Jeffords shifts as Senate tilts to Democrats 50 49 after White House transmission. House passes 240 154 vote with 28 Democrats backing. Senate 58 33. Republicans hail long term gains Democrats warn of richer tax skew and cuts to social programs.
The 10 year 1.35 trillion tax package expands the child tax credit for low earners and lowers top rates. It phases in rate cuts by 2006 and 2010 and gradually raises estate exemptions, standard deduction for couples, and IRA contribution limits, with full relief years ahead.
Thirty eight Korean War veterans were honored with certificates and pins at a memorial program in West Virginia. Moreland spoke of the war as one of the bloodiest, citing U S losses and missing in action, and recalling the veterans hardships including frigid weather and outdated equipment. Former State Sen Tony Whitlow named 36 local fallen soldiers while Dr Sammie Heflin and others presented honors and awards to attendees and students.
Skeens announced at the request of Senate President Earl Ray Tomblin that a West Virginia highway will be named to honor veterans of all wars. The bill passed in the 2001 session, recognizing the sons and daughters of West Virginia swept by the winds of war from these mountains forever in a patriotic ceremony.
The festival enjoyed clear skies and strong attendance on Saturday including helicopter rides that drew families, a fireworks finale planned for 11 p.m., and three concerts that drew 500 plus attendees. Events like Bluegrass Night and Travelin Fish Tank enchanted crowds despite high gas prices with visitors from multiple states. Temperatures near 70 aided midway crowds as officials noted weather cooperated.
The article notes that contribution limits for 401(k) type plans will rise from 10,500 dollars to 15,000 dollars. It cites the move as a significant update affecting savers and employer-sponsored retirement programs.
Memorial Day ceremonies at Withers Park Wytheville Va and open AA meetings in Bluefield. Contact Town of Wytheville 540-223-3352. 10 a.m. Fellowship AA at 421 Scott St Bluefield. 8 p.m. Uptown AA at First Presbyterian Church 208 Tazewell Ave Bluefield.
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