Congress passes $350 billion tax cut bill

WASHINGTON (May 23)—The House of Representatives has passed a $350 billion tax cut bill by a 231-200 vote, and the Senate approved the measure by a 51-50 vote, with Vice President Dick Cheney casting the deciding vote. Among other things, the tax plan quadruples the amount of investment small businesses can expense immediately, to $100,000 from $25,000, and lowers the top rate of taxation on dividends and capital gains held over a year to 15 percent between 2003 and 2008. President Bush has said he will sign the bill, although the cut is less than half of the $726 billion he sought.