Tuesday, June 15, 2010

Economy - Taxes - #1859 - Democrats' Tax Bill Moves Toward Vote in U.S. Senate - Reuters

A Democratic plan to extend benefits for the jobless that would also more than double the tax rate for investment fund managers will likely get its first test on Wednesday in the U.S. Senate. Majority Leader Harry Reid on Monday moved toward an initial vote on a $126 billion bill to extend unemployment insurance that ran out last month for hundreds of thousands of out-of-work Americans and renew a set of popular business tax breaks. Under Senate rules, the vote on whether to limit debate on the legislation will likely occur Wednesday. Sixty votes are needed out of the 100-member Senate. Complaints by fiscally conservative Democrats about the plan's price tag and opposition by some Democrats to the investment fund manager tax has stalled the proposal.

According to several lobbyists, the majority Democrats remain shy of the 60 votes necessary. They need to attract as least one Republican plus keep all of the 59 votes they generally hold in the chamber. Over the next 10 years, the Senate proposal would increase direct spending by $126 billion and add $22 billion in funding to prevent a 21 percent payment cut to doctors in the Medicare program, the Congressional Budget Office estimated.  Read more.......

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