In a final, late-night surge of legislating, the 109th Congress passed $45 billion in tax cuts and a trade package affecting at least 150 developing nations, as well as a range of smaller bills on issues from healthcare to energy. But they left most of the current fiscal year's spending decisions to the next Congress. . . . The 11th-hour output includes popular tax extenders, such as the research and development tax credit for businesses and the tax break for college tuition. (Christian Science Monitor, Monday)
Real cuts are preferable to behavior modification.
FEE Timely Classic
Tax Expenditures by John Semmens