The senators have not determined to what legislative vehicle they intend to attach the eventual trigger language. One option is to offer the resolution as an amendment to the FY 2002 budget resolution and the actual trigger language as an amendment to the tax bill. Although a final resolution to this year s tax cut debate is still months away, here is a look at how the Republican and Democrat plans stack up against each other. The administration has, however, indicated that the money could be used to repurchase more debt, if possible, or to fund private retirement accounts as part of a comprehensive overhaul of Social Security. The bill would reduce all income tax rates and consolidate the rate brackets.
Every taxpayer gets exactly the same tax rate reduction.
But Ways and Means ranking Democrat Charles Rangel of New York blasted the bill as favoring the wealthy. As we have said, we d all like to have a tax cut. We want it to be fair we want it to be honest. We think that it is unfair that 44 percent of benefits from this tax bill before us would go to the top 1 percent of taxpayers. Others may be recast to accommodate other tax breaks being pushed by congressional Republicans.