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Business Mlm Opportunity (AXcess News) Washington - The Senate approved the House version of the $70 billion tax cutlegislation on Thursdayin a54-44 vote, largely along party lines. The news brought cheers from the investment community while Democrats held firm that it benefits the nation's wealthiest the most.

Senate Finance Committee ranking member Max Baucus ( Mont.) called again on October 25, 2006, for swift passage of expiring tax cuts, issuing the call after President Bush noted in a morning press conference that a failure to renew tax cuts would result in tax increases for the American people. In his statement, Baucus said that, although Bush was referring to what Republicans term "tax increases, " if his major tax bills passed in 2001 and 2003 are not made permanent, Bush unwittingly implied that Congress was willing "to saddle Americans with tax increases" on college tuition, state and local sales taxes, and supplies that teachers buy for their classrooms by its failure to approve the expiring tax provisions.

Based Business Home Income The tax-cut package now goes to President Bush for his signature, which will extend tax the Bush administration's prior breaks for an additional two-years, extends tax breaks on capital gains and dividends through 2010 and changes the unpopular alternative minimum tax so that it includes 15 million fewer middle-class taxpayers.

In June 2003, the House approved the $162 billion "Death Tax Repeal Permanency Act of 2003" in a vote of 264 to 163. If passed in the Senate, the bill would cancel the sunset clause in President Bush's 2001 act. And the Estate Tax would be permanently repealed. The Senate has yet to act on this bill.

Based Business Home Internet Senate Majority Leader Bill Frist (R-Tenn.) believes the tax bill will help the economy, citing Bush administration estimates of 5.3 million new jobs and 18 consecutive quarters of economic growth.

Making permanent some of the provisions from tax relief measures enacted in 2001 and 2003 will most likely come up in the Senate before tax reform. According to Senate Republican Policy Chairman Jon Kyl ( Ariz.), this legislation "has to be one of the very first bills we act on this year. The leadership concurred, stating the need for certainty in business tax planning to help job growth and to promote investment. In addition, they said making the individual tax rates permanent was necessary to continue economic expansion by encouraging people to work, save and invest.

Business Homebased Opportunity "We will keep taxes low to see to it that this great country of ours grows", said Frist.

Senate Finance Committee member John F. Kerry ( Mass.) labeled the advisory panel "doomed" from the start because of President Bush insistence on making permanent $1.3 trillion in tax cuts "skewed to the wealthiest Americans."

Based Business Home Mlm Democrats still insist that the tax bill benefits the nation's wealthy the most.

Business New Opportunity Senate Minority Leader Harry Reid (D-Nev.) said the tax-cut bill "Caters to an elite group of wealthy Americans at the expense of the middle class."

Business Home Online Yesterday's vote in the Senate ends a 16- month legislative campaign to extend the lower 15 percent tax rate on capital gains and dividends, which the Bush administration has pushed hard on the public and lawmakers throughout the campaign to enact more permanent tax legislation.

Best Business Home Opportunity In May 2003, the Senate and House were finalizing the Jobs and Growth Tax Relief Reconciliation Act which reduced income tax rates, cut the capital gains tax, slashed the double tax on dividends, and expanded business expensing. At that time,Democratic Senators claimed the US economy was the worst economy since the Great Depression. But according to the GOP, since the legislation passed, 5.3 million jobs have been created, the economy is expanding at a 3.9 percent rate, business investment is soaring, $13 trillion of household wealth has shored up household balance sheets, and dividend payments to shareholders are up 40 percent.

Business Investment While Dems and Republicans debate over who's Party is right or wrong in the US economic outcome and benefits from the tax-cuts, investor organization, the American Shareholders Association (ASA), sides with the GOP, according to ASA spokesperson Daniel Clifton.

Business Home Making Money "After three years the evidence is in and overwhelmingly concludes the tax cut on capital gains and dividends have been an awe-inspiring success," said Clifton, executive director of the Washington based organization. "Not only will shareholders keep more of their own investment income, the tax cuts also boosted markets, increased dividend payments to shareholders and paved the way for strong economic growth. I applaud the Senate's action today to extend these provisions, which have been so beneficial to the US economy and American shareholders."

Based Business Free Home According to Standard and Poor's, between 2003 and 2005, S&P 500 shareholders received an additional cumulative $98.7 billion of cash than before the tax cut from the tax cut savings combined with dividend increases.

Business Internet Online S&P says more than $5 trillion of new shareholder wealth has been created since the tax cut was signed into law.

Best Business Opportunity As a result, tax revenues from capital gains and dividends are soaring. In fact, capital gains tax revenues have actually increased $47 billion over the last three years while initially expected to lose $3 billion over the three years. Record dividend payments have also surged tax revenues and overall the combined capital gains and dividend tax cuts have more than paid for themselves.

"The extension provides investors the certainty lower rates will be in place in future years to make investments today," continued Clifton. "However, American Shareholders Association will continue to work tirelessly on behalf of our members to make these provisions permanent."