[19981104]98-788_1998年《纳税人救济法》：情况说明书.pdf

98-788 E Updated November 4, 1998 CRS Report for Congress The Taxpayer Relief Act of 1998: A Fact Sheet Gregg A. Esenwein Specialist in Public Finmce Economics Division Summary On September 16, 1998, House Ways and Means Committee Chairman Bill Archer ulveiled a $80 billio 5-year tax cut proposal W.R. 4579). The biggest tax cut components of the proposal are provisions designed to reduce mamage-tax penalties, provide relief for small savers, provide tax reductions for farmers and cstates, and extend various expiring tax provisions. These tau cuts would be finded out of expected future budget surpluses, including social security tax revenues. The proposal was marked up by the Ways and Meam Coninittee on September 17: and the full House approved the tau cut plan on September 26. The Scnatc, however, failed to consider the measure by its October 1998 adjoumnent. Instead, a scaled-back version of the tax bill that addressed only the expiring tax provisions and a few other items was included in the omnibus spending bill enacted in late October (P.Td. 105-277). Background The Taxpayer ReliefAct of 1998 would provide $80 billion in tax reductions over 5 years. Thc taw reductiotls are orga