Newspaper article St Louis Post-Dispatch (MO)

Senate Attaches Tax Bill to Minimum Wage Measure

Newspaper article St Louis Post-Dispatch (MO)

Senate Attaches Tax Bill to Minimum Wage Measure

Article excerpt

The winners in a Senate tax bill attached to the minimum-wage increase include small businesses, families in which one spouse does not work outside the home and employees receiving company-paid tuition.

Many of the Senate provisions, adopted Tuesday, are similar to the House bill passed in May. But the Senate's package is broader - $11 billion over eight years, compared with the House's $7 billion.

With political prospects fading for the major tax cuts proposed in the GOP's Contract with America, the tax breaks in the wage bill could wind up being the most important tax legislation passed by the Republican Congress.

The Senate measure, but not the House's, would expand Individual Retirement Accounts by allowing couples to make tax-deductible cont ributions of up to $4,000 a year, even if one spouse does not work outside the home. The current limit for such single-income couples is $2,250.

Both bills would help small businesses by liberalizing the limit on immediate equipment write-offs from $17,500 to $25,000 by 2003 and by permitting them to offer employees a new type of simple pension plan. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.