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Subject:  Fed tax cut plan Date:  5/18/2001  2:10 AM
Author:  jmbellv Number:  51061 of 127753

Today in the WSJ I read that both houses "quietly" dropped Bush's plan to allow charitable deductions for non-itemizers. I also understand that a tax rebate that would have been mailed to taxpayers has also been dropped, but that plan will instead be carried out by retroactively decreasing the bottom tax rate - with $300 going to singles and $600 for joint filers. It would be retroactive to Jan. 1.

I'm greatly disappointed by the charitable deduction plan being scrapped, and I hope it doesn't deter people from still giving to charities, although I have to admit I was writing a few more checks to charity at the beginning of this year with the hope of getting this deduction in mind. The rebate probably had a lot of logistical problems, but my question is this: If this passes, does anyone know if at least half of the 300/600 will be credited immediately, given the fact that it will be voted on by June or so, when half of the year has passed?

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