Senate Passes $69-Billion Tax Cut Bill, Bush Will Sign It
The Senate has approved a measure that would cut taxes by $69.1 billion over the next decade, including a two-year extension of current rates on capital gains and dividends and relief for some from the alternative minimum tax. Senate passage, which came May 11 on a 54-44 vote, marks the final congressional action on the legislation, It now goes to President Bush, who has said he will sign it.
Most of the provisions affect individuals, not corporate taxpayers, but the changes will benefit small firms, including those in design and construction, that are set up as partnerships and S Corporations. Those types of companies are subject to individual, not corporate, tax regulations.