House Democrats met late last night to discuss alternatives to the proposed tax bill. Unhappy with many provisions, members are deliberating splitting the provisions into separate bills in hopes of passing middle-income tax cut extensions alone. The estate tax provision that would limit the estate tax to 35 percent with a $5 million exemption appears to be an especially prime target with critics like Senate Budget Committee Chair Kent Conrad (D-ND) who otherwise approves of the proposed bill. The proposed bill is still seen as likely to pass with many echoing the stance of the group Americans for Tax Reform which said that "the good outweighs the bad."
See "Conrad Supports Plan to Extend Tax Cuts," found at http://conrad.senate.gov/pressroom/record.cfm?id=328980&; "ATR Supports Tax Hike Prevention Bill, Encourages Votes in Support," found at http://www.atr.org/#.
Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.
See "Conrad Supports Plan to Extend Tax Cuts," found at http://conrad.senate.gov/pressroom/record.cfm?id=328980&; "ATR Supports Tax Hike Prevention Bill, Encourages Votes in Support," found at http://www.atr.org/#.
Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.
Leave a comment