Midyear tax tip #4:
Evaluate your estimated tax situation
Sen. Landrieu asks Treasury, IRS for clarification of taxes on BP payments

Extenders package fails in Senate again

TAMPA, FL - SEPTEMBER 13: Quarterback Tony Romo #9 of the Dallas Cowboys calls time out against the Tampa Bay Buccaneers during the game at Raymond James Stadium on September 13, 2009 in Tampa, Florida. (Photo by J. Meric/Getty Images)
They're taking a break. At least that's what Senate Majority Leader Harry Reid says about the contentious tax extenders package.

Thursday evening, after the Senate came up three votes short of the 60 needed to advance H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010, Reid reiterated that lawmakers will give the measure a rest and move on to small business legislation.

And don't expect, said the Nevada Democrat, to see the unemployment benefits that were part of the tax package rolled into the business bill. That, however, probably will change after the Dems debrief and reconnoiter.

While lawmakers on both sides of the aisle might hold their positions on most of the tax breaks and how to pay for them, I suspect it will be difficult in this election year for them to put off action on measures that will help out-of-work potential voters.

We'll find out in November who are the winners and losers in this game of political chicken.

As for the extenders, there's speculation yet another Senate version could appear when Congress returns from its July 4th vacation district work session.

But the way things have been going, don't be surprised if another December holiday break in D.C. is pushed to the brink.

Read more about the vote and what might happen next in Congress Fails to Pass an Extension of Jobless Aid (New York Times); Senate Dems fail to advance tax extenders bill for the third time (On the Money blog/The Hill); Republicans kill Senate jobless aid measure (AP); and Senate again rejects expanded spending package (Washington Post).

Related posts:

Want to tell your friends about this blog post? Click the Tweet This or Digg This buttons below or use the Share Thisicon to spread the word via e-mail, Facebook and other popular applications. Thanks!


Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.