The final battle over proposed changes to the credit will be settled when the House and Senate convene a conference to work out the differences between the two bills after the July 4 holiday. The amendment also asks the Treasury Department to study whether the repeal of the depreciation adjustment for alternative minimum tax purposes would permit corporations with income from current year operations to pay no federal income tax. Several other amendments to the tax bill have been submitted to the Rules Committee, but they probably will not be allowed to be offered on the floor by the rule accompanying the bill. A Democratic alternative to the tax bill also could be offered in the Senate. The Senate Finance Committee released new distributional tables showing that low-income taxpayers will get a 64 percent tax cut over five years.
Distributional tables are important weapons in the debate over the fairness of the tax bill.
Liberals use them to claim that tax cuts and other proposals benefit only the rich, while conservatives use them to claim that the cuts have broad benefits. All rights reserved. Copyright and Legal Information .