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60% of 'windfall' revenues planned to go for tax cuts

House and Senate negotiators agreed Wednesday that 60 percent of the proposed individuals and busineses.By voice vote, the negotiators approved a motion by Rep. Sam M. Gibbons (D) of Florida to make $136 billion of the windfall tax revenues from oil companies available for tax cuts. But the negotiators did not specify how much of the cuts should go to individuals and how much should be used for corporate tax relief. They also agreed that 25 percent of the revenues -- $57 billion -- should be made available for aid to lower-income households to offset the effects of rising energy prices.


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