The first budget agreement of the new Congress reflects not only its ability to at least reach agreement on a budget framework, but also the priorities of that new Congress and the new administration for tax legislation for the current year. Very little in the tax portion of the budget agreement comes as a surprise, except perhaps for the period of time that some of the proposals cover. The budget agreement calls for $861 billion in tax cuts over five years and $97 billion in revenue raisers, for a net cut of $764 billion. The key tax cuts are the extension of the 2001 and 2003 cuts for those earning less than $250,000, three years of Alternative Minimum Tax relief, estate tax reform, and a two-year extension of the ever-growing list of regularly expiring provisions.
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