SENATE APPROVES VERSION OF BUSH TAX CUT
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On May 15, the Senate approved a $350 billion version of President
Bush's tax cut proposal. The bill passed on a 51 to 49 vote, with three
Democrats voting for it-Senators Bayh (D-IN), Miller (D-GA), and Nelson
(D-NE)-and three Republicans opposed-Senators Chafee (R-RI), McCain
(R-AZ), and Snowe (R-ME). Under this Senate bill, taxpayers in the
lowest 20 percent income group would receive an average of $14 in tax
cuts over the next four years, while taxpayers in the top 1 percent
would receive $69,081 on average over that period. Earlier this month,
House lawmakers passed a $550 billion version of Bush's tax cut. A
side-by-side chart comparing the House and Senate bills and the
President's original proposal is available from the Washington Post at
http://www.washingtonpost.com/wp-srv/nation/daily/graphics/taxplan_051603.htm.
Additional information about the impact of the Senate bill is available
on the Citizens for Tax Justice website at http://www.ctj.org.
These tax proposals sacrifice protections for millions of children to
pay for massive new tax breaks for millionaires. The cost of the
Senate's smaller tax break package is more than enough to provide full
health coverage for the 9.2 million children who are without health
insurance and Head Start's comprehensive preschool services for the 1.8
million children in America who need it to succeed in school.
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