House passes business tax bill

10/8/2004 | Washington Post, The · Wall Street Journal, The

The House yesterday passed a corporate tax bill that seeks to end a trade dispute with Europe and give $136 billion in new tax breaks to farmers, businesses and other groups. The original intent of the bill was to repeal the export break the World Trade Organization ruled illegal; the bill replaces that break with a 3% cut in the tax rate on U.S. manufacturers. The Senate is expected to pass the bill by week's end.

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