Monday, March 01, 2010

Tax Bill Introduced; Money Trees Needed

Senators Harry Reid (D-NV, for now) and Max Baucus (D-MT) have introduced the American Workers, State and Business Relief [Tax] Act in the Senate. Former sponsor Charles Grassley (R-IA) criticized the bill's cost and other facets. Provisions in the bill include an extension of unemployment benefits, 65% subsidy for COBRA payments, yet ANOTHER annual extension (see since about when this blog started in 2005) of certain tax deductions such as sales tax deductibility and deductibility of certain costs paid by K-12 teachers (though, to be fair, at least this time they are not waiting until December), a provision to annul a drop in the federal poverty level, Small Business loan and Medicaid funding to states and a number of other provisions.

Apologies for the editorializing in the title and first paragraph. Having said that, while most of the provisions individually are defensible and some are even good, one wonders when Congress will EVER come to the conclusion that the Federal spending spree is unsustainable.

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