Senator Charles Grassley says tax cuts for businesses and individuals are being developed by Congress to try to stimulate the economy. Grassley was among a handful of Senators who had lunch with President Bush last week to talk privately about the package. The Senate Finance Committee is holding a hearing today to discuss possible tax cuts. Grassley’s the top-ranking republican on that committee, and says there MIGHT be more rebate checks.
Grassley says the package will include business tax cuts like speeding up depreciation schedules and doubling the amount of expenses businesses can claim. It’ll also include payroll tax reductions for individuals. Grassley
says the U-S will have a war-time budget now, and deficit spending will likely happen. Grassley says there are no guarantees about the future. Grassley is lobbying for more federal money to plan for a terrorist attack on livestock, as he says release of foot-and-mouth disease, for example,
would signficantly harm the ag industry.