Blogs Derek's Tax Blog Senate Votes to End Debate on Tax-Cut Bill
The Senate today voted to end debate on the tax compromise bill signaling that it could win Senate approval as early as tomorrow. Tax-cut bill wins big support in Senate test vote - FoxNews.com
Once it is passed by the Senate it will proceed to the House where its outcome is less clear. Over the last week the main objection to the compromise bill in House has been the provisions on the estate tax. Last Thursday House Democrats indicated they wouldn’t proceed on the compromise bill. On Friday President Obama hosted former President Clinton for news conference in support of the bill. Possibly bowing to this pressure, top House Democrats indicated on the Sunday political talk shows that the House would take up the Senate bill. House Majority Leader Steny Hoyer stated that, “I think we’re going to have a vote on the Senate bill, with possible changes”.
Specifically Mr. Hoyer indicates that his colleagues may try to amend the estate tax provisions of the Senate bill. At the end of last year the House sent an estate tax bill to the Senate that set a $3.5 million exemption with a 45% top rate. There “certainly seems to be some room for changes,” Mr. Hoyer said.
However, given that both the House and Senate are trying to wrap up the lame-duck session by this Friday and that nobody wants to see a tax increase on “working families” the House Democrats’ action may end up just being a way for them to voice their displeasure over the bill. Ultimately Mr. Hoyer says, “Increasing the tax burden on working families will not be helpful in continuing to grow the economy. In order not to see that happen, you have to get a bill through Congress and signed by the president.”