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Budget Priorities Under the Senate Budget Plan

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Abstract:

The Senate plan continues several mostly middle-class tax cuts and also includes tax cuts that would be extremely beneficial to the wealthiest Americans. For instance, it proposes to accelerate the repeal of the estate tax by one year, from 2010 to 2009. It also assumes the permanent extension of all of the tax cuts that are of greatest value to the highest-income households — estate tax repeal, the capital gains and dividend tax cuts, and the reduction in marginal tax rates, including the top rates.