Tax Bill Wins Committee Approval in Senate

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WASHINGTON, D.C.: The Senate Finance Committee approved a broad sweeping tax bill, including a 20 cent hike in cigarette taxes to finance health insurance for poor children. The bill, which aims to produce a net tax cut of $85 billion over five years, will go to the Senate floor next week. Other provisions of the bill retained the $500-per-child tax credit and some $32 billion in education tax incentives. But even though the bill is much more Clinton-friendly than the harsher House version, it is likely to face opposition from the Administration for not providing enough tax relief to lower- and middle-income people.