Corporate Taxes

By: Associated Press
By: Associated Press

Without fanfare, President Bush has signed a package of changes in corporate tax law giving $136 billion in new tax breaks to businesses, farmers and others.

White House press secretary Scott McClellan announced that the president signed the bill aboard Air Force One on his way to campaign in Pennsylvania.

It's the most sweeping rewrite of corporate tax law in nearly two decades.

Congress' original intention was to repeal a tax break that resulted in punitive tariffs against American exporters.

But the final version grew to include tax breaks for a wide array of businesses, from oil and gas producers to importers of Chinese ceiling fans to NASCAR track owners.

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