Congress no help on Taxes

“WASHINGTON (AP) — The Senate rejected calls from both parties' presidential candidates to take an election-year break from pork-barrel spending as a Democratic-run Congress passed budget plans that would torpedo hundreds of billions of dollars in tax cuts won by President Bush.”

Now let’s take a look at what this will do to most Americans
Top tax rate of 39.6 percent drops to 35 percent by 2006
The 36 percent tax rate drops to 33 percent
The 31 percent tax rate drops to 28 percent
The 28 percent tax rate drops to 25 percent
Child tax credit doubles from $500 to $1000 per child by 2010
Federal tax on large estates is eliminated by 2010
Relief for the marriage penalty tax is provided
Contribution to education savings accounts raised from $500 to $2000
IRA contribution limit increases from $2,000 to $5,000 per year
401(k) plan contribution limit increases from $10,500 to $15,000 per year

Most of these will be taken away from us the taxpayer. If you pay 25% percent tax rate this year, you will pay 28%.
But more important is the lost of Child tax credit that will fall 50% hurting the middle and lower income taxpayers. Not to mention what effect this will have on the economy with high gas and food prices.