WASHINGTON -- President George Bush Friday, without ceremony, signed into law a $136 billion U.S. corporate tax cut bill.
The bill gives tax breaks to a range of businesses from farmers to Hollywood producers to large corporations.
The bill reduces taxes for domestic manufacturers, provides energy-related tax credits, and allows for itemized deduction of state and local sales taxes. It also includes a $10 billion buyout of tobacco farmers.
Supporters cheered the bill for the help it gives to manufacturers, but opponents said that the bill would reward multinational companies for sending jobs overseas.
Also included are nearly $43 billion in tax cuts for overseas profits.
The original intent of the bill was to repeal an annual $5 billion tax break for U.S. exporters that was ruled illegal by the World Trade Organization, and which resulted in European import tariffs on more than 1,600 U.S. goods.
