NewsWhore
06-22-2007, 04:20 PM
The Senate has approved bills that will reduce taxes on alcoholic beverages and tobacco products, with the aim of reversing a decline in sales, and to cut taxes for individuals and businesses. The President had proposed a tax amnesty for people who had not filed taxes, a reduction on corporate taxes, and taxes on beer and cigarettes. Taxes on alcohol will be reduced by 50% and on cigarettes by 80%, with reductions to the luxury tax. In addition, taxes on income, tax on corporations, individuals and businesses owned by a single person will be reduced from 29% to 25% as part of a gradual tax reduction program. Everyone who qualifies for the tax amnesty has 45 days to take advantage of the break.
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