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New York Times
October 29, 2003
House G.O.P. Risks Battle With Senators on Tax Cuts
By EDMUND L. ANDREWS
Quotes--
WASHINGTON, Oct. 28 - House Republicans pushed ahead on Tuesday with a bill that would give
corporations $128 billion in new tax breaks over the next decade, setting themselves up for a fight with Senate leaders from
both parties who want to rein in the federal deficit. ...
The Joint Committee on Taxation has estimated the bill's cost at $60 billion over the next decade, but that
may not reflect the full cost because many of the tax breaks do not take full effect until later. In 2012 alone, according
to the Joint Committee, the bill would cost the Treasury nearly $22 billion and the tax breaks would continue indefinitely
after that.
Democrats, who had pushed for a bill to cut taxes only for domestic manufacturers, said this measure would
encourage companies to move more business overseas while increasing the deficit. ...
©2003 The New York Times Company
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washingtonpost.com
Congress Weighs Corporate Tax Breaks
Lawmakers Look to Help Manufacturing
Sector While Averting Conflict Over Export Subsidy
By Jonathan Weisman
Washington Post Staff Writer
Tuesday, October 14, 2003; Page E01
The complete article is currently (3/27/04) available on the
Washington Post website at-- http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&contentId=A21513-2003Oct13¬Found=true
Quote--
Congressional tax writers are rushing to complete legislation that would offer tens of billions of dollars in new U.S.
corporate tax breaks, many of them for overseas operations, setting off a lobbying battle between major domestic manufacturers
and some of the largest multinational corporations in the world.
Driven by a Dec. 31 deadline, lawmakers hope to end a long-standing U.S. export subsidy in time to avert a trade war with
the European Union. But several are also seeking to use the repeal of the $5 billion-a-year subsidy as an opportunity to pass
new corporate tax cuts worth much more. Most of those would be aimed at earnings from domestic manufacturing, but many new
proposals would also shield billions of dollars in earnings from overseas operations. ...
Critics are becoming more vocal about the entire exercise of cutting corporate income taxes at a time of dramatically falling
corporate tax revenue, a rising federal budget deficit and an additional $87 billion for fighting in Iraq and Afghanistan.
...
Last week, the Congressional Budget Office reported that corporate tax receipts in the fiscal year that ended last month
had fallen by 11.1 percent, to $132 billion. Measured against the size of the economy, corporate taxes fell to the lowest
level since 1983, and the second-lowest level since 1936. ...
© 2003 The Washington Post Company
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