Tax Bill:
Senate and House conferees approved the package of tax cuts for small businesses claimed to be needed to justify the added cost of paying a slightly better minimum wage. The tax provisions of the Small Business And Work Opportunity Tax Act of 2007 are included in the supplemental spending bill, H.R. 1591. According to BNA, Senator Baucus has already indicated that the almost $5 billion in tax breaks will stay in the supplemental bill even after Bush's expected veto because of the spending bill's troop withdrawal language.
The Joint Committee on Taxation has now released its analysis: the technical explanation and revenue estimate.
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