Hurricane Forces Republicans to Delay Action on More Tax Cuts

NEW YORK -- Republicans are delaying action on central elements of their tax-cut agenda as Hurricane Katrina recovery costs mount and Democrats criticize measures they say would mostly benefit the wealthy, Bloomberg News reported Thursday.

Congressional Republican leaders postponed a Senate vote to repeal the estate tax and put off until at least next month a $70 billion package of tax cuts. President Bush's tax-reform panel Wednesday postponed its two remaining meetings and may delay its final report, scheduled for Sept. 30.

Senate Finance Committee Chairman Charles Grassley and House Ways and Means Committee Chairman Bill Thomas both said in the past two days that they'll wait until at least next month to consider a $70 billion package of tax cuts authorized by a budget agreement approved earlier this year. The delay follows a decision this week by Senate Majority Leader Bill Frist to shelve a vote related to repealing the federal estate tax.

Former Sens. Connie Mack and John Breaux, the chairman and vice chairman of a presidential panel developing a plan to simplify the tax code, said yesterday they would postpone their next two meetings, scheduled for today and Sept. 15.

-- NSSCPA.org News Staff

Posted on 9/8/05