FROM THE OFFICE OF PUBLIC AFFAIRS

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This report summarizes the revenue proposals in the Administration’s Fiscal Year 2004 Budget. These proposals include the economic growth package of proposals, which is designed to reinvigorate the economic recovery, create jobs, and enhance long-term economic growth. The other proposals, also intended to strengthen the American economy, affect a wide range of areas including encouraging saving, strengthening education, investing in health care, increasing housing opportunities, protecting the environment, encouraging telecommuting, and providing incentives for charitable giving, as well as simplifying the tax laws and improving tax administration. To maintain their favorable effects and provide greater certainty for economic and financial planning, the proposals extend several tax provisions that expire in 2003 and 2004 and permanently extend the tax cuts enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001 as well as the Research and Experimentation tax credit.

Report(s):

• General Explanations