10% Tax Bracket OK'd by House

Part of President George W. Bush's tax-cut package may be here to stay, following a vote by the House of Representatives to make a permanent 10% tax bracket -- a move that would cut federal revenue by less than 1% over the next decade.

The 344-76 House vote is the first step in enshrining a lower rate this year on the first $7,000 of taxable individual income, a rate expanded in 2003 from $6,000. Before Bush's tax-cut package, the rate was 15%.

The move will cut revenue by about $218 billion over the next 10 years. In contrast, in fiscal 2003 alone, the federal government collected tax revenue of $1.97 trillion, according to the Internal Revenue Service. ...