Monday, September 27, 2010

Lame Duck Vote on "Bush Tax Cut" Extension Coming

Senator Dick Durbin (D-IL) and other key Democrats appeared ready to defer votes on legislation extending the tax cuts scheduled to expire at the end of this year until after the November 2 election. Positions taken by party leaders were completely predictable: Democratic leaders want to limit cuts to taxpayers making less than $250K if MFJ or $200,000 otherwise (called "middle class tax cuts") while Republicans called for all cuts to be extended for at least one more year in view of the suspect economic recovery (technically NOT a recession).

It is disappointing, if hardly surprising, that tax preparers are left guessing at major facets of the tax code until less than two months from tax season. While Republicans probably are not totally blameless, the majority party has to take the largest share of the blame here--they simply did not have the courage to risk either voter reaction to a vote on the limited extension or reaction of key supporting blocks if they fully extended the cuts.


Blogger Joe Mastriano, P.C.V. said...

Unfortunately, with the economy being the way it is right now, many middle class citizens can't afford to lose those tax cuts. We need the economy to have some stability before we can move on. As the articles says there are only two months left, so everyone needs to keep checking the tax changes.

2:25 PM  

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