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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Jul 19, 2000
Page
3
The Senate approved a marriage penalty measure that would cut income taxes for millions of married couples. If enacted, it would shift tax brackets and standard deductions for joint filers and increase future savings, with specific figures cited for married couples.
The Senate passed 61 to 38 a bill to eliminate the marriage penalty by cutting taxes for most married couples. The plan would reduce revenue by about 248 billion over 10 years, with eight Democrats crossing party lines. Differences with the House remain, and Clinton ties it to a Medicare drug benefit.
Washington reports show consumer inflation rose 0.6 percent in June, led by a 5.6 percent surge in energy costs and a record jump in natural gas. Core inflation rose 0.2 percent, suggesting prices outside energy and food remained tame. Economists split on Fed rate moves for August.
Treasury Secretary Lawrence Summers unveiled IRS rules to auto enroll workers in retirement plans, expanding auto enrollment to 403(b) and 457(b) plans and allowing rollovers to IRAs. He cited 75 million Americans not in any plan as evidence of the need for higher savings, noting disposable income savings slid to 0.3 percent in early 2000.
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