Senate Finance Chairman Max Baucus (D-Mont) finally introduced the Tax Extenders bill (HB 4213) to the Senate, and in a statement soon afterward Senator Charles Schuster (D-N.Y.) said that the bill would have the 60 votes needed to pass…sometime next week.
What Is The Big Problem
The Senate version of this bill is different from the House version by being a little easier on the carried interest taxing. Although the sale of investment partnerships will still be an ordinary income. Mr Schumer wasn’t sure if the House would accept the carried interest deal. The Medicare portion of the bill has remained intact, as it creates $1.40 for every $1.00 invested. Several tax breaks have survived, along with energy tax incentives.
It appears the lobbying against this bill has been in the area of foreign tax credits, lobbyists are saying this would limit abilities to compete internationally, and the oil industry. The raising of the per barrel tax financing the Oil Spill Liability Trust Fund to 41 cents per barrel has been fought hard. It has been estimated that this fund would raise over $14 billion dollars over a ten year period. There have been other objections in this bill, but these seem to be the largest contributors.
Losing Benefits By The Minute–The Voters
A safe bet is: The incumbent Senators are watching the results of Tuesday nights primaries. While in the meantime over 300,000 people have lost their benefits since the Memorial Day recess, and by the end of next week that will increase to over 900,000. Keep in mind though–upon passage and signing by the President, the benefits will be paid retroactively. Another thing for our leaders to keep in mind while watching Tuesdays primaries, a recent poll on the internet of the American public said that more people thought that the unemployment extensions issues are more important than the national deficit.
Nebraska Democrat Ben Nelson said of the poll “That may be, but that’s a national poll, those aren’t the numbers you’d find in Nebraska.” Nebraska has a 5% unemployment rate.