Bush Tax Cuts - The S Corporation Association

Rate Debate Begins

Majority Leader Harry this week filed a motion to proceed to the Senate Democratic bill (S 3414) to extend the Bush tax cuts for all taxpayers except the top two brackets. A procedural vote is scheduled for tomorrow.

Senate Republicans will push to have a vote on their own version which will extend current tax policies for all brackets. If an agreement is not reached on allowing alternatives, Republicans could try to block consideration of the Democratic bill.

So we now have competing proposals before the US Senate, which begs the question, does Leader Reid have the votes? He starts with 53 …

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Congress Returns to Small Business Bill

Congress is back this week, and the pending business before the Senate is the small business tax bill that passed the House last month. Here’s BNA‘s review of the plan:

The Senate is expected to resume consideration July 13 of a small business lending bill with the hope of completing floor debate in only a few days, although a Democratic leadership aide warned that it might depend on Republican cooperation. Currently awaiting consideration is a substitute amendment (S. Amdt. 4402) that carries roughly $12 billion in tax cuts aimed at small businesses, including a highly sought after provision to extend …

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