Indexing for inflation of real estate and other tangible property would begin in the year 2001. Other major components include provisions to help parents save for college education expenses and to help individuals pay higher education expenses. The bill also includes significant reductions in both estate and death taxes, relief for small businesses, and additional tax simplification and taxpayer protection measures. An important provision protects farmers from the IRS trying to change rules again on the application of Alternative Minimum Tax because of deferred crop sales. As the tax relief bill moves through Congress, changes are inevitable and one of the changes I will work for is to make sure that the tax treatment of alternative fuels such as ethanol is fair.
Ethanol helps keep the air clean and supporting it is good environmental policy.
I promised to provide tax relief for working families and I am keeping my promise. Overall this tax bill does that.