WASHINGTON — The Senate voted overwhelmingly for a package of tax breaks for businesses and individuals that totals over $100 billion, setting up an end-of-session showdown with the House over whether to find new revenue or cut spending to offset the cost fully. The Senate voted 93-2 for the bill, which provides tax breaks for renewable energy, prevents the alternative-minimum tax from hitting millions more people this year and extends expiring tax provisions sought by businesses. Action now moves to the House, where Democrats strongly favor fully offsetting the cost of the legislation, as required by Congress’s pay-as-you-go budget rule. House leaders say they will bring their version of the legislation with the offsets to the floor in coming days. The legislation is just one of several items lawmakers are trying to complete before their planned adjournment at the end of the week. All are being overshadowed by top lawmakers’ work on a financial-rescue plan urged by the Treasury Department. David Obey House Appropriations Chairman David Obey (D., Wis.) announced a deal on the $600 billion temporary plan that would fund the government until early March 2009. The so-called continuing resolution would allow a ban […]
Wednesday, September 24th, 2008
Tax-Break Package Passes in the Senate
Author: SARAH LUECK
Source: The Wall Street Journal
Publication Date: 24-Sep-08
Link: Tax-Break Package Passes in the Senate
Source: The Wall Street Journal
Publication Date: 24-Sep-08
Link: Tax-Break Package Passes in the Senate
Stephan: