Bush signs tax, trade legislation

WASHINGTON (AP) -- President Bush revived some 20 tax breaks, extended trade benefits for developing countries and protected doctors from a big cut in Medicare payments by signing sweeping tax and trade legislation Wednesday.
The bill is a patchwork of must-do items that were left for the lame duck Congress. It was bundled together and passed by the House and Senate just before adjourning earlier this month.
The bill would:
Extend through the end of next year a deduction for research and development initiatives.
Renew a deduction of up to 4,000 for higher education costs.
Give tax breaks for teachers who pay for supplies out of their own pockets.
Open up 8.3 million acres in the Gulf of Mexico to oil and gas drilling, and offer a dozen credits promoting alternative and efficient uses of energy.
Prevent a 5 percent cut in Medicare payments to doctors from taking effect Jan. 1.
Permanently normalize trade with Vietnam and extend trade benefits for four Andean nations, sub-Saharan African countries and Haiti.
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