LEON HARRIS, CNN ANCHOR: Another day, another development in the Marc Rich pardon story. Let's go now to Capitol Hill. CNN's Kate Snow is standing by there with the very latest. What's new, Kate?</s>KATE SNOW, CNN CORRESPONDENT: Actually, Leon, what we've got is news on the tax front. I know it's confusing. There's a lot going on up here on Capitol Hill. But right now, a little bit of news on the tax front. Last night, President Bush was talking about speeding up the process. He said that he wants this tax cut to go through Congress quickly. Well, House Republicans say they are prepared to deliver on that request from the president. The chairman, the Republican chairman of the House Ways and Means Committee, which is the House committee that is tasked with coming up with tax cut bills, says, now, that he's going to push forward with one part of what President Bush has proposed in terms of a tax cut. A source familiar with the arrangements says that they are going to move forward now with a marginal tax cut rate. That's across-the- board cuts in the rates. It's merging the five existing tax rates into four, and reducing the lowest income tax rate bracket from 15 percent to 10 percent. That's what's going to be included, we've learned, in the bill. Now, the bill is going to come up very quickly. Chairman Thomas now indicating is going to have an event here in about a half hour to announce that he will have it before his committee, the House Ways and Means Committee, tomorrow, which means, Leon, that all of this could be before the House floor, the full House, for a vote by next week -- Leon.</s>HARRIS: All right, thanks much, Kate Snow on Capitol Hill.
House Committee To Move Forward With Marginal Tax Cut Rate