Work begins today on a massive tax cut package in the U-S Senate’s Finance Committee, which is chaired by Iowa Republican Chuck Grassley. He says the plan includes “very aggressive” cuts on dividends but admits the work in progress may change significantly in the next few days.Grassley says he wants to extend tax relief to individuals, families and small businesses, including marginal tax rate cuts, reducing the marriage penalty and raising the child tax credit to a full one-thousand dollars. President Bush’s proposed tax cut plan totalled 726-billion dollars, but Grassley’s would be much less.He’s aiming for 400-billion. Multibillionaire investor Warren Buffett, of Omaha, opposes eliminating the tax on corporate dividends, saying any tax cut to stimulate the economy should go to people who will go out and spend it. Buffett says a tax on corporate dividends would go largely to the rich, who are NOT likely to change their behavior very much. Grassley says Buffett bases his money-dealings on charitable giving and tax-exempt foundations set up to avoid paying taxes.Grassley says Buffett is “really far removed from the realities of what the average” working-class person in Iowa thinks or can do with their money.
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