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Author: zorloc Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122629  
Subject: Opinion on tax proposals Date: 7/13/1999 1:14 PM
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I was curious about your view on the current tax proposals being proposed in Washington D.C. Here is a quick summary, which probably does not include everything (I am pulling this from memory).

House ($860+ Billion over 10 years): 10% cut in income taxes (across the board), Capital Gains Tax cuts (long term: 7.5% for 15% bracket, and 15% for all other brackets), Education IRA contribution limit is increased to $2000 from $500 and these funds can be used to pay for pre-college private school.

Senate ($780+ Billion over 10 years): 15% tax bracket is changed to 14%, elimination of the Marriage Penalty, and new deductions for some education costs (AFAIR) and costs of care for elderly parents.

White House ($250 Billion over 10 years): A few targeted tax cuts for kids and long term care, and the Universal Savings Accounts ($300 or less from the gov't from a tax credit, $350 from you, $350 or less in match from the gov't from a tax credit / year).

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