Gingrich, Gephardt Clash Over Gop Tax Cuts

With a showdown looming, House Speaker Newt Gingrich touted GOP-crafted tax cuts Wednesday as designed to help more Americans “move toward prosperity.” Rep. Richard Gephardt of Missouri, the House Democratic leader dismissed such claims as “claptrap” designed to obscure a windfall for the rich.

Despite the rhetorical clash, there was little doubt that both the House and Senate were on track for passage of the biggest tax cuts since Ronald Reagan was president.

While the two bills differ widely in detail, each would extend tax breaks totaling roughly $135 billion over five years to families with children, investors, students, estates and others.