Panel Not For Us Tax Cut Bill

The US House tax-writing committee on Friday approved a bill that would cut taxes by a net $85 billion over five years and, if enacted, would give Americans the first major tax cut in 16 years. The House Ways and Means Committee voted along party lines 22 to 16 to approve Republican legislation that included a child tax credit, education tax initiatives, and a reduction in the capital gains tax. Committee chairman Bill Archer, a Texas Republican, who crafted the legislation that will now go to the House floor for a vote, said, I think the House will pass this bill. The Clinton administration has voiced concerns about the bill, especially the way the education tax initiatives are structured.