The Taxpayer Relief Act of 1998: A Fact Sheet (CRS Report for Congress)
| Release Date |
Nov. 4, 1998 |
| Report Number |
98-788 |
| Report Type |
Report |
| Authors |
Gregg A. Esenwein, Economics Division |
| Source Agency |
Congressional Research Service |
Summary:
On September 16, 1998, House Ways and Means Committee Chairman Bill Archer unveiled a $80 billion, 5-year tax cut proposal (H.R. 4579). The biggest tax cut components of the proposal are provisions designed to reduce marriage-tax penalties, provide relief for small savers, provide tax reductions for farmers and estates, and extend various expiring tax provisions. These tax cuts would be funded out of expected future budget surpluses, including social security tax revenues. The proposal was marked up by the Ways and Means Committee on September 17, and the full House approved the tax cut plan on September 26. The Senate, however, failed to consider the measure by its October 1998 adjournment. 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.L. 105-277).
