Work is underway this morning on a comprehensive tax relief bill in Iowa Senator Chuck Grassley’s Finance Committee. Grassley says the measure will have far-reaching ramifications.He says it’ll cut income taxes across the board, expand the child credit, bring relief from the marriage penalty, ease the death tax, and make it easier to save for education and retirement. Grassley calls the bill the Restoring Earnings to Lift Individuals and Empower Families Act or RELIEF.Several similar tax relief bills have already passed the U-S House. Grassley hopes the new legislation can be before President Bush by Memorial Day.Alan Greenspan is continuing trying to right his wrongs, according to Senator Grassley. Greenspan is the chair of the Federal Reserve Board, which is expected to cut interest rates again during its meeting today. Grassley says the additional cut -is- needed.Many economists expect the Fed to reduce the rate by up to a half-point, although some insiders say the cut could only be a quarter-point. Grassley says Greenspan should not have hiked the rates so much in the past few years as he was “overly concerned about inflation.”The Federal Reserve has lowered interest rates by more than two percent this year in an attempt to fuel the economy.
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