Marriage Penalty Tax Cut Nears Passage In Congress
Republicans push for final passage of a bill to slash income taxes by 248 billion over ten years for married couples. The plan would widen 15 and 28 percent brackets, double the standard deduction for couples, and shield AMT, while Democrats warn it mostly benefits higher earners and mislabels a tax cut as marriage relief. The White House ties action to a Medicare prescription drug plan, framing the choice as politics or substance ahead of the convention.
MENTIONED IN THIS ARTICLE
Washington
Senate
Clinton
William Roth
Senate Finance Committee
Congress
White House
Joe Lockhart
Lockhart
Sen
Kay Bailey Hutchison
Texas
Patrick Moynihan
Ddemocrats
Max Baucus
D-Mont
House
House Ways and Means Committee
Marriage tax break aims to ease filing jointly gains
The House passed a 182 billion bill to equalize the 15 percent income tax for singles and married couples filing jointly. It outlines income thresholds for the 15 percent rate and standard deductions, with penalties and 401 k limits, totaling about 16 billion over five years.
MENTIONED IN THIS ARTICLE
House
States plan $8 billion from tobacco settlement for health care
States plan to spend 8 billion from the 1998 tobacco settlement through 2001, with nearly half going to health care for working poor families. Fewer than 10 percent funds smoking prevention, while rest supports tax cuts, general funds, subsidies for farmers, elder care, education, and other programs. The study covers 44 states and notes 91 enacted laws, plus states earmarking funds for Medicaid expansion and low income insurance, though 17 states used much for non health services.
MENTIONED IN THIS ARTICLE
Washington
National Conference of State Legislatures
William Pound
Florida
Washington State
Hos
New Jersey
Illinois
White House proposes updated wiretapping rules for email
The administration seeks high level approval for court orders to intercept email content. Podesta notes the plan would harmonize privacy standards across email and phone communications, which can travel via multiple carriers or Internet providers.
MENTIONED IN THIS ARTICLE
Washington
White House
John Podesta
Inventories and sales rise signaling sustained economic strength
U.S. companies increased May inventories by 0.8 percent to 1.18 trillion, the fastest pace in six months, driven by retailers amid robust stockpiles. May sales rose 1 percent to 895 billion as manufacturers led gains, keeping the inventory to sales ratio near a record low at 1.32 months. The Fed has raised rates six times in 13 months to curb growth.
MENTIONED IN THIS ARTICLE
Washington
U.S
Commerce Department
Merrill Lynch
Stan Shipley
May
Federal Reserve
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Trent Lott
Miss
Jon Kyi
Ariz
Thomas.loc.gov
Robert P. Kaye
Miami Dade County Court
Miami
Midland
North Big Spring
Midland Park Mall
W. Wadley Avenue
Andrews Highway
Odessa
Texas Street
Grandview Avenue
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