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Conference committee reaches deal on tax cuts

[JURIST] A House-Senate conference committee has approved a $145 billion tax cut package, which includes a five-year extension of the $1,000 child tax credit, a four-year extension of tax breaks meant to reduce the marriage penalty on two-income families, and a six-year extension of a provision that allows more people to qualify for the lowest tax rate.

Democratic legislators backed off proposals to pay for the measures, including imposing a surcharge on wealthy families or closing corporate tax shelters. The House Ways & Means Committee has conference documents for the All-American Tax Relief of 2003 (HR 1308), including a comparison of provisions [PDF] in the versions passed by the House and Senate. Thursday's New York Times has more.

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