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The Skinny on the Jobs Bill

So we’re still trying to figure out what happened between Thursday morning and Thursday afternoon last week.

On Thursday morning, the Senate Finance Committee released an $84 billion “Jobs” bill draft with all the expected items included — jobs provisions, tax extenders, unemployment and COBRA extensions, etc.

That same afternoon, Senator Reid rejected that approach and offered a “skinny” $15 billion bill instead. He called up the House-passed Jobs bill, offered his skinny package as an amendment, filled the amendment tree, and filed cloture on the new package. The skinny bill includes the Schumer-Hatch payroll tax credit, Section 179 expensing relief, Build

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2019-02-06T17:21:00+00:00February 18, 2010|

Jobs Bill on Senate Floor Next Week

Senate leadership has committed to taking up a Jobs bill next week. The details of the package are still being worked out, but the list released by the Senate Democrats includes:

  • Job Creation tax credit
  • UI and Cobra Extensions
  • Bonus depreciation and 179 expensing
  • Highway funding
  • Build America Bonds
  • SBA loans
  • Export Promotion
  • Some energy related tax items

Although it’s not mentioned, we do expect the tax extenders to also be part on the mix. On the other hand, an estate tax fix is not likely to be included. Senator Reid told reporters that he still plans to move legislation restoring the estate tax,

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2019-02-06T17:21:00+00:00February 5, 2010|

Value-Added Tax Coming to America?

Two weeks ago, the Senate Finance Committee released its summary of options to pay for health care reform. As expected, the list was long and could be divided up any number of ways. One item missing from the list, however, is a source of revenue folks are talking about for health care reform and other spending priorities too — a value added tax (VAT).

The Finance Committee summary followed the release of papers on improving health care delivery and expanding coverage. The key to all three papers is that, while they give the reader a sense of where the Committee is

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2019-02-06T17:21:56+00:00June 2, 2009|

Auto Bailout Stalls Stimulus

Congress is back for the week, but we do not expect much to get done. House and Senate Democrats support allocating $25 billion from the Troubled Asset Relief Program to bailout the Big Three automakers, while the White House, Treasury and Congressional Republicans oppose expanding the program.

The auto bailout could be considered as part of a set of a broader economic stimulus package introduced by Senate Majority Leader Harry Reid (D-NV). We expect the Senate to take up some or all of the Reid

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2019-02-06T17:22:36+00:00November 19, 2008|

Second Stimulus on the Horizon

A second stimulus package is being formulated up on the Hill, but is by no means a done deal at this point.B Just before adjourning for the election, the House passed a $61 billion bill containing infrastructure spending, aid to state governments and increased unemployment benefits, which will likely serve as a starting point for second stimulus discussion.B That package included:

  • $30 billion for infrastructure projects including highways, bridges, transit and water projects;
  • $1 billion for public housing;
  • $2.6 billion for food stamp program;
  • A temporary increase in Federal Medicaid assistance to states; and
  • An extension in unemployment

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2019-02-06T17:22:36+00:00November 10, 2008|