February 23,2001

Grassley Announces Hearings on Key Aspects of Bush Tax Relief Plan

Description: Sen. Chuck Grassley, chairman of the Committee on Finance, and Sen. Max Baucus, ranking member, plan a series of hearings on tax relief. The hearings will explore key aspects of President Bush's tax cut package. The first hearing immediately will follow the President's address to Congress on Tuesday, Feb. 27, on his proposed budget. Dates, times and hearing topics follow; all hearings are planned for 215 Dirksen. Witness lists will be available later.

Wednesday, Feb. 28, 2001, at 2 p.m., "Revenue Proposals and Tax Cuts in the President's Budget." Treasury Secretary Paul O'Neill will testify as the sole witness to explain President Bush's outline for budget priorities and tax cuts in the next fiscal year. Note: This hearing immediately will follow a brief organizational meeting of the full committee.

Wednesday, March 7, 2001, at 10 a.m., "Marginal Rate Reductions: Tax Relief for All Taxpayers." President Bush proposes cutting marginal tax rates to provide broad tax relief and to stimulate the economy. This hearing will explore these proposals.

Thursday, March 8, 2001, at 10 a.m., "Easing the Family Tax Burden." President Bush and others propose doubling the child tax credit, providing marriage tax relief and addressing the negative effects of the alternative minimum tax. The hearing will look at the need for family tax relief and the merits of the President's proposed remedies.

Wednesday, March 14, 2001, at 10 a.m., "Encouraging Charitable Giving." President Bush proposes a series of incentives to enhance charitable giving, such as making it possible for those who don't itemize to give to charity and receive a charitable deduction; allowing the rollover of IRAs to charity; and increasing the amount that corporations can donate to charity tax-free. The committee will explore those proposals.