An Analysis of the Financial Freedom Act of 1999
by Aldona Robbins, Gary Robbins on 07/30/1999
8 Pages
Press Release (07/30/1999)
Synopsis:
The Republican-controlled House has signaled that it wants to return to taxpayers
most of the trillion-dollar, non-Social Security surplus the federal government now
expects over the next decade. Anchored by a 10 percent, across-the-board reduction
in income tax rates, the Ways and Means Committee voted out a bill that would cut
taxes by $864 billion over the next ten years. Negotiations to bring the Financial
Freedom Act of 1999 to the floor for a vote by the full House pared that amount
back to $792 billion.
This issue brief examines the major features of the Ways and Means bill and discusses
the economic and budgetary effects.
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