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Senate bid for final vote on tax cut bill



WASHINGTON (CNN) -- The Senate was expected to try for a final vote Monday on a bipartisan $1.35 trillion across-the-board tax cut plan.

The Senate began debate on the 11-year tax cut proposal last week. It would lower all income tax brackets, including dropping the lowest rate from 15 percent to 10 percent and reducing the top rate from 39.6 percent to 36 percent.

The plan also calls for the full repeal of the estate tax, a gradual doubling of the child tax credit to $1000, a reduction in the marriage penalty and an increase in the contributions individuals can make to their retirement plans.

If the tax cut plan passes the Senate, it will need to be reconciled with a different plan passed by the House which approved tax cuts closer to the president's proposal of $1.6 trillion.

  MESSAGE BOARD
Taxing and spending: Bush budget
 

Republican leaders are trying to get a final bill to the president's desk for his signature before Memorial Day, May 28.

Before the Senate votes on the final plan, Sens. Olympia Snowe, R-Maine, and Evan Bayh, D-Indiana, will push for the Senate version to include a delay in the scheduled tax cuts and proposed new spending should targets for reducing the nation's deficit not be met.

Moderates from both parties have supported them, but the White House in the past has not.








RELATED SITES:
• The White House
• U.S. Office of Management and Budget
• U.S. Congressional Budget Office

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