A tax cut extension bill has passed a procedural vote in the Senate, yet continues to generate criticism. House Majority Leader Steny Hoyer (D-MD) criticized the legislation as being too costly for its minimum impact on short term employment. Fellow Maryland Congressman Chris Van Hollen (D-MD) said that congressional Democrats are working on a new bill that would keep middle income tax cuts but increase taxes for higher incomes as well as the estate tax. Senate Finance Committee member John Rockefeller IV (D-WV) lamented some features of the bill but overall endorsed the package.
The advocacy group United for a Fair Economy called on Congress to oppose the legislation, favoring higher taxes on higher incomes and an estate tax that taxes more estates.
Senate Minority Leader Mitch McConnell (R-KY) called the legislation an important first step, a sentiment echoed by Senator Chuck Grassley (R-IA) who emphasized the importance of stopping any tax increase. The U.S. Chamber of Commerce likewise endorsed the bill's passage. Treasury Secretary Tim Geitner also praised the tax deal for its benefits to middle-income families.
The Concord Coalition called for the proposed bill to be amended to weed out costly and ineffective provisions in favor of more effective ones.
See "Van Hollen: 'At the End of the Day,' House Democrats Won't Hold Up Tax Compromise," found at http://www.foxnews.com/politics/2010/12/12/van-hollen-end-day-house-democrats-wont-hold-tax-compromise/; "Obama-GOP Tax Deal 'Shameful' - House Dems Urged to Fight for Better Deal," found at http://www.faireconomy.org/press_room/2010/obamagop_tax_package_shameful_house_dems_urged_to_fight_for_better_deal; "Bipartisan Support for Preventing Tax Hikes," found at http://mcconnell.senate.gov/public/index.cfm?p=PressReleases&ContentRecord_id=e216774e-cbe3-4d60-9e44-ee08dca778d1&ContentType_id=c19bc7a5-2bb9-4a73-b2ab-3c1b5191a72b&Group_id=b9ad8a82-099c-461d-99e1-b8565e492a8c; "The Tax Cut Deal: Risks and Opportunities," found at http://www.concordcoalition.org/issue-briefs/2010/1211/tax-cut-deal-risks-and-opportunities.
Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.
The advocacy group United for a Fair Economy called on Congress to oppose the legislation, favoring higher taxes on higher incomes and an estate tax that taxes more estates.
Senate Minority Leader Mitch McConnell (R-KY) called the legislation an important first step, a sentiment echoed by Senator Chuck Grassley (R-IA) who emphasized the importance of stopping any tax increase. The U.S. Chamber of Commerce likewise endorsed the bill's passage. Treasury Secretary Tim Geitner also praised the tax deal for its benefits to middle-income families.
The Concord Coalition called for the proposed bill to be amended to weed out costly and ineffective provisions in favor of more effective ones.
See "Van Hollen: 'At the End of the Day,' House Democrats Won't Hold Up Tax Compromise," found at http://www.foxnews.com/politics/2010/12/12/van-hollen-end-day-house-democrats-wont-hold-tax-compromise/; "Obama-GOP Tax Deal 'Shameful' - House Dems Urged to Fight for Better Deal," found at http://www.faireconomy.org/press_room/2010/obamagop_tax_package_shameful_house_dems_urged_to_fight_for_better_deal; "Bipartisan Support for Preventing Tax Hikes," found at http://mcconnell.senate.gov/public/index.cfm?p=PressReleases&ContentRecord_id=e216774e-cbe3-4d60-9e44-ee08dca778d1&ContentType_id=c19bc7a5-2bb9-4a73-b2ab-3c1b5191a72b&Group_id=b9ad8a82-099c-461d-99e1-b8565e492a8c; "The Tax Cut Deal: Risks and Opportunities," found at http://www.concordcoalition.org/issue-briefs/2010/1211/tax-cut-deal-risks-and-opportunities.
Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.
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