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A Billion Here, A Billion There...
(MONEY Magazine) – Jon Corzine wants the federal government's economic stimulus package to include much greater spending on public transportation, emergency services and airline security. Here's what's in some of the other major plans now on the table. All numbers are for the 2002 federal fiscal year that started Oct. 1. WHITE HOUSE President Bush's $75 billion plan emphasizes tax cuts. --Expand unemployment benefits: $15 billion. --Send rebates of up to $300 to taxpayers who didn't receive them last summer: $14 billion. --Repeal the corporate alternative minimum tax (AMT): $4 billion. --Other breaks, such as starting the new 25% income tax rate (down from 27%) in 2002 rather than in 2006: $42 billion. HOUSE OF REPRESENTATIVES About 70% of this $101 billion package is tax breaks for businesses. --Repeal AMT--plus refund AMT payments back to 1986: $25 billion. --Business write-offs for software and other areas: $45 billion --Accelerate 25% rate, reduce basic capital-gains rate to 18% from 20%, and other measures: $29 billion. --Increase unemployment benefits for jobless workers: $2 billion. SENATE Finance Committee chairman Max Baucus' $70 billion plan is lighter on tax cuts. --Business write-offs: $21 billion --Individual tax breaks: $14 billion --Extra unemployment benefits, including a 50% subsidy for COBRA health insurance: $33 billion --Agricultural spending: $2 billion. --CYBELE WEISSER |
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