As Senators struggle to sort out the power shift on Capitol Hill, many Americans are beginning the struggle to decipher the new tax law.
After months of politicking and some capitulation by both parties, the central pledge of the Bush campaign is one signature away from becoming reality. It’s smaller than its original 1.6 trillion dollar incarnation. But the cut fulfills the president’s promise: next year, at least, all Americans will pay less in taxes than they would have under current law.
But to figure out how much less you’ll owe in the coming years – get out your super computer: some of the tax breaks last only four years, most won’t begin for several more. One tax is eliminated, but comes back in ten years. What hath Washington wrought? Making sense of Bush’s tax plan…
(Hosted by Robert Siegel)
Alan Murray, Washington Bureau Chief for the Wall Street Journal
Robert Kuttner, Founder and co-editor of The American Prospect
Senator Pete Domenici (R-New Mexico), and Grover Norquist, President of Americans for Tax Reform.