Houses Passes Marriage Penalty Relief Extension

The House on April 28, 2004, in what promises to be a series of House bills to make permanent various portions of the tax cuts enacted since President Bush took office, passed a bill (HR 4181) to make permanent the marriage penalty relief provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001. The vote was 323 to 95. The bill addresses the standard deduction, the 15-percent tax bracket, and, in a last minute addition, the earned income tax credit phaseout. The bill, with a ten-year cost of $104.7 billion, now moves to the Senate, where the principal problem for the legislation will be that it is not funded. Senate and House negotiators have not been able to agree on a budget due to a dispute over “pay-for” rules for tax cuts.

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Wolters Kluwer Tax and Accounting

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