Bond, Talent Approve Tax Bill; Durbin Opposes
By AP / KWMU
Washington, D.C. – The bill was approved by a 69-to-17 vote. It cuts taxes for businesses ranging from film companies to bow-and-arrow makers. It also closes tax loopholes and brings U.S. exporters in line with international trade rules.
It took two years to pass the measure. President Bush is expected to sign it.
Illinois Democrat Dick Durbin opposed it. He says the bill allows the president to cut overtime pay, drops FDA regulation of tobacco and gives $17 billion worth of tax breaks to special interest groups.