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House Nearing Final Tax-Cut Package That Trims Cap Gains, Dividend Levies; Senate Limits Still A Hurdle.(A)
Byline: JOSEPH GUINTO
The House may vote this week on a new $550 billion tax cut plan that has the White House's tentative support. But the plan does not include the end to taxes on dividends sought by President Bush.
Instead, the House plan would treat dividends as a capital gain and would cut capital gains taxes in the process.
Meanwhile, Senate Republicans continue to look for ways to get around a $350 billion limit that chamber put on any new tax cut.
The House plan, drafted by Ways and Means Chairman Bill Thomas, R-Calif., would slash the top capital gains tax rate from 20% to 15% for most taxpayers. Low-income taxpayers would see theirs fall from 10% to 5%.
Dividends would be taxed at those rates. Currently dividends are considered ordinary income. They can be taxed at individual income tax rates as high as 38.6%.
Thomas' 11-year, $550 billion plan is expected to pass his committee Tuesday. It could reach a House vote by Thursday.
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