Debate Continues Over Bush Tax Cuts - 12.01.2010
[Image]President Obama and congressional leaders remain at odds over an extension of expiring Bush-era tax cuts, but they have agreed to set up a negotiating body that could come to an agreement by the first of the year. The President met at the White House this week for a lengthy meeting with the top Democratic and Republican leaders from each chamber to discuss the nation’s finances.
Senate Minority Leader Mitch McConnell, R-KY, said, “I think there was . . . widespread agreement that the two most important things to do, obviously, decide how we’re going to fund the government for the next 10 months and decide the tax issue.”
Senate Majority Whip Richard J. Durbin, D-IL, said that the White House meeting produced a plan for dealing with the tax issue. “We had a good conversation,” he said. “We’ve got a path forward.”
The President appointed Treasury Secretary Timothy F. Geithner and White House budget director Jacob Lew to lead a group with four negotiators — one from each party in each chamber . Creating jobs, putting people back to work and setting the stage for a growing economy are the goals of the negotiators.
A revised estate tax, the extension of tax incentives - known as tax extenders - for businesses and individuals and a “patch” for the alternative minimum tax are expected to be dealt with in the context of the 2001 and 2003 tax cut debate.
For more information, please visit www.nwyc.com or email me at gms@yourvotecountspittsburgh.com.
[Image]President Obama and congressional leaders remain at odds over an extension of expiring Bush-era tax cuts, but they have agreed to set up a negotiating body that could come to an agreement by the first of the year. The President met at the White House this week for a lengthy meeting with the top Democratic and Republican leaders from each chamber to discuss the nation’s finances.
Senate Minority Leader Mitch McConnell, R-KY, said, “I think there was . . . widespread agreement that the two most important things to do, obviously, decide how we’re going to fund the government for the next 10 months and decide the tax issue.”
Senate Majority Whip Richard J. Durbin, D-IL, said that the White House meeting produced a plan for dealing with the tax issue. “We had a good conversation,” he said. “We’ve got a path forward.”
The President appointed Treasury Secretary Timothy F. Geithner and White House budget director Jacob Lew to lead a group with four negotiators — one from each party in each chamber . Creating jobs, putting people back to work and setting the stage for a growing economy are the goals of the negotiators.
A revised estate tax, the extension of tax incentives - known as tax extenders - for businesses and individuals and a “patch” for the alternative minimum tax are expected to be dealt with in the context of the 2001 and 2003 tax cut debate.
For more information, please visit www.nwyc.com or email me at gms@yourvotecountspittsburgh.com.
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