The bill, S. 3412, from Senate Majority Leader Harry Reid, D-Nev., would extend current tax rates for individuals earning less than $200,000 and married couples earning less than $250,000, but allow rates to increase for all other taxpayers. It would also set a top rate of 20 percent for capital gains and dividends.
Noticeably missing from the package is any resolution of the contentious estate tax issues that threaten thousands of farmers and ranchers. If nothing is done, estate tax rates could climb as high as 55 percent on January 1, 2013 with exemptions dropping to just $1 million.
Earlier versions of the Democrats’ package had called for returning the estate tax to parameters that were in place in 2009, which included a 45 percent top rate and an exemption for the first $3.5 million, per person, of an estate. But those plans were scratched in an effort to shore up support within the Democrats own ranks.
While the tax plan is not expected to pass, Democrats hope to garner enough votes to demonstrate that they are looking out to protect middle-class taxpayers from paying higher taxes next year. Republicans, who are pushing to extend all of the Bush tax rates, have accused Democrats of being willing to jeopardize the fragile economic recovery by raising taxes on hundreds of thousands of small businesses.
Meanwhile, the Senate Agriculture Committee will focus on S. 3239, the “Egg Products Inspection Act Amendments of 2012,” during a hearing this week. Sen. Dianne Feinstein, D-Calif., had been expected to offer the bill, which is supported by the United Egg Producers and the Humane Society of the U.S., as an amendment to the 2012 farm bill during Senate floor debate. But Feinstein apparently worked out a deal with Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., to withdraw her amendment in exchange for a full committee hearing on the subject of establishing national cage standards for egg-laying hens.
In the U.S. House of Representatives, lawmakers will be working on cutting red tape and providing businesses with regulatory relief. One measure would prevent any major new rules from being issued until the unemployment rate falls to 6 percent, while another would force the administration to move ahead with delayed oil and gas lease sales on the Outer Continental Shelf.
Secretary Tom Vilsack travels to Iowa again this week to get a first hand look at drought-stricken crops and give a keynote speech to the Iowa Farm Bureau Federation. For more details on this week’s schedule:
Monday, July 23:
The Senate convenes at 2 p.m. and at 5 p.m. moves to executive session to consider Executive Calendar #663, the nomination of Michael A. Shipp, of NJ, to be United States District Judge for the District of New Jersey with 30 minutes of debate equally divided and controlled between Senators Leahy and Grassley or their designees.
The House will meet at 12:00 p.m. for morning hour and 2:00 p.m. for legislative business. Votes will be postponed until 6:30 p.m.
Legislation Considered Under Suspension of the Rules:
1) H.R. 1237 - To provide for a land exchange with the Trinity Public Utilities District of Trinity County, California, involving the transfer of land to the Bureau of Land Management and the Six Rivers National Forest in exchange for National Forest System land in the Shasta-Trinity National Forest, and for other purposes, as amended (Sponsored by Rep. Wally Herger / Natural Resources Committee)
2) H.R. 4484 - Y Mountain Access Enhancement Act (Sponsored by Rep. Jason Chaffetz / Natural Resources Committee)
3) H.R. 2467 - Bridgeport Indian Colony Land Trust, Health, and Economic Development Act of 2011, as amended (Sponsored by Rep. Buck McKeon / Natural Resources Committee)
4) H.R. 2362 - Indian Tribal Trade and Investment Demonstration Project Act of 2011 (Sponsored by Rep. Tom Cole / Natural Resources Committee)
5) H.R. 3388 - Wood-Pawcatuck Watershed Protection Act (Sponsored by Rep. James Langevin / Natural Resources Committee)
6) H.R. 5958 - To name the Jamaica Bay Wildlife Refuge Visitor Contact Station of the Jamaica Bay Wildlife Refuge unit of Gateway National Recreation Area in honor of James L. Buckley (Sponsored by Rep. Bob Turner / Natural Resources Committee)
7) H.R. 4400 - To designate the Salt Pond Visitor Center at Cape Cod National Seashore as the "Thomas P. O'Neill, Jr. Salt Pond Visitor Center", and for other purposes (Sponsored by Rep. Edward Markey / Natural Resources Committee)
8) H.R. 5859 - To repeal an obsolete provision in title 49, United States Code, requiring motor vehicle insurance cost reporting (Sponsored by Rep. Gregg Harper / Energy and Commerce Committee)
9) S. 1335 - Pilot's Bill of Rights (Sponsored by Sen. James Inhofe / Transportation and Infrastructure Committee)
10) H.R. 4347 - To designate the United States courthouse located at 709 West 9th Street in Juneau, Alaska, as the "Robert Boochever United States Courthouse" (Sponsored by Rep. Don Young / Transportation and Infrastructure Committee)
11) H.R. 3356 - To designate the new United States courthouse in Buffalo, New York, as the "Robert H. Jackson United States Courthouse" (Sponsored by Rep. Brian Hggins / Transportation and Infrastructure Committee)
12) H.R. 3742 - To designate the United States courthouse located at 100 North Church Street in Las Cruces, New Mexico, as the "Edwin L. Mechem United States Courthouse” (Sponsored by Rep. Steve Pearce / Transportation and Infrastructure Committee)
13) S. 2039 - A bill to allow a State or local government to construct levees on certain properties otherwise designated as open space lands (Sponsored by Sen. John Hoeven / Transportation and Infrastructure Committee)
14) H.R. 3870 - To designate the facility of the United States Postal Service located at 6083 Highway 36 West in Rose Bud, Arkansas, as the "Nicky 'Nick' Daniel Bacon Post Office" (Sponsored by Rep. Tim Griffin / Oversight and Government Reform Committee)
15) H.R. 5788 - To designate the facility of the United States Postal Service located at 103 Center Street West in Eatonville, Washington, as the "National Park Ranger Margaret Anderson Post Office" (Sponsored by Rep. Dave Reichert / Oversight and Government Reform Committee)
16) H.R. 3593 - To designate the facility of the United States Postal Service located at 787 State Route 17M in Monroe, New York, as the "National Clandestine Service of the Central Intelligence Agency NCS Officer Gregg David Wenzel Memorial Post Office" (Sponsored by Rep. Nan Hayworth / Oversight and Government Reform Committee)
17) H.R. 3477 - To designate the facility of the United States Postal Service located at 133 Hare Road in Crosby, Texas, as the Army First Sergeant David McNerney Post Office Building (Sponsored by Rep. Ted Poe / Oversight and Government Reform Committee)
18) H.R. 2896 - To designate the facility of the United States Postal Service located at 369 Martin Luther King Jr. Drive in Jersey City, New Jersey, as the "Judge Shirley A. Tolentino Post Office Building" (Sponsored by Rep. Donald Payne / Oversight and Government Reform Committee)
19) H.R. 1369 - To designate the facility of the United States Postal Service located at 1021 Pennsylvania Avenue in Hartshorne, Oklahoma, as the "Warren Lindley Post Office"(Sponsored by Rep. Dan Boren / Oversight and Government Reform Committee)
Agriculture Secretary Tom Vilsack will give remarks on the Resilience of American Agriculture—Innovation, Diversity and Growing Markets in Cedar Rapids, IA. Later in the day, he will tour drought damage at Eric Cress’ farm. Secretary Vilsack will end the day with remarks on the Resilience of American Agriculture—Innovation, Diversity and Growing Markets at Soy Energy in Mason City, IA.
Deputy Secretary Merrigan will provide remarks to media after touring farms in Edison, Georgia affected by the 2012 disasters.
USDA Report: Crop Progress
Tuesday, July 24:
The House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business.
10:00 a.m., Senate Committee on Energy and Natural Resources, Hearing: Natural Gas and Transportation, 366 Dirksen Senate Office Building.
10:00 a.m., House Committee on Natural Resources, Oversight Hearing on "The Impact of Catastrophic Forest Fires and Litigation on People and Endangered Species: Time for Rational Management of our Nation's Forests", 1324 Longworth House Office Building.
10:00 a.m., House Committee on Financial Services | Financial Institutions and Consumer Credit, Hearing entitled “Examining Consumer Credit Access Concerns, New Products and Federal Regulations”, 2128 Rayburn House Office Building.
10:00 a.m., House Committee on Oversight and Government Reform, Hearing: Credit Crunch: Is the CFPB Restricting Consumer Access to Credit? 2247 Rayburn House Office Building.
10:00 a.m., House Committee on Transportation and Infrastructure | Subcommittee on Economic Development, Public Buildings and Emergency Management, Hearing: A Review of Building Codes and Mitigation Efforts to Help Minimize the Costs Associated with Natural Disasters, 2167 Rayburn House Office Building.
2:00 p.m., House Committee on the Judiciary | Subcommittee on Immigration Policy and Enforcement, Hearing: The Aftermath of Fraud by Immigration Attorneys, 2141 Rayburn House Office Building.
2:00 p.m., House Committee on Financial Services | Insurance, Housing and Community Opportunity, Hearing entitled “The Impact of Dodd-Frank’s Insurance Regulations on Consumers, Job Creators, and the Economy”, 2128 Rayburn House Office Building.
Secretary Vilsack will deliver keynote remarks to the Iowa Farm Bureau Economic Summit.
Deputy Secretary Merrigan will host USDA virtual office hours on local/regional foods in Washington, DC.
Wednesday, July 25:
The House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business.
9:30 a.m., House Committee on Ways and Means | Subcommittee on Oversight, Hearing on Public Charity Organizational Issues, Unrelated Business Income Tax, and the Revised Form 990, 1100 Longworth House Office Building.
10:00 a.m., House Committee on Agriculture, Hearing: Oversight of the Swaps and Futures Markets: Recent Events and Impending Regulatory Reforms, 1300 Longworth House Office Building.
10:00 a.m., House Committee on Transportation and Infrastructure | Subcommittee on Water Resources and Environment, Hearing: Integrated Planning and Permitting, Part 2: An Opportunity for EPA to Provide Communities with Flexibility to Make Smart Investments in Water Quality, 2167 Rayburn House Office Building.
10:00 a.m., House Committee on Science, Space, and Technology, Hearing: Drought Forecasting, Monitoring and Decision-making: A Review of the National Integrated Drought Information System, 2318 Rayburn House Office Building.
10:00 a.m., House Committee on Natural Resources, Hearing: Oversight Hearing on "Investigation of President Obama's Gulf Drilling Moratorium: Questioning of Key Department of the Interior Officials", 1324 Longworth House Office Building.
12:00 p.m., House Committee on Small Business, Hearing: Tales of Resilience: Small Business Survival in the Recession, 2360 Rayburn House Office Building.
2:30 p.m., Senate Committee on Energy and Natural Resources | Subcommittee on Water and Power, an Oversight Hearing to examine the role of water use efficiency and its impact on energy use, 366 Dirksen Senate Office Building.
USDA Reports: Food Price Outlook, Agricultural Chemical Usage- Fruits.
Thursday, July 26:
The House will meet at 9:00 a.m. for legislative business. Last votes expected no later than 3:00 p.m.
Legislation Considered Under Suspension of the Rules:
1) H.R. 459 - Federal Reserve Transparency Act of 2011 (Sponsored by Rep. Ron Paul / Oversight and Government Reform Committee)
2) H.R. 4157 - Preserving America's Family Farms Act, as amended (Sponsored by Rep. Tom Latham / Education and the Workforce Committee)
3) H.R. 5986 - To amend the African Growth and Opportunity Act to extend the third-country fabric program and to add South Sudan to the list of countries eligible for designation under that Act, to make technical corrections to the Harmonized Tariff Schedule of the United States relating to the textile and apparel rules of origin for the Dominican Republic-Central America-United States Free Trade Agreement, to approve the renewal of import restrictions contained in the Burmese Freedom and Democracy Act of 2003, and for other purposes (Sponsored by Rep. Dave Camp / Ways and Means Committee)
H.R. 6002 - Congressional Replacement of President Obama's Energy-Restricting and Job-Limiting Offshore Drilling Plan, Rules Committee Print (Subject to a Rule) (Sponsored by Rep. Doc Hastings / Natural Resources Committee)
H.R. 4078 - Red Tape Reduction and Small Business Job Creation Act, Rules Committee Print (Subject to a Rule) (Sponsored by Rep. Tim Griffin / Oversight and Government Reform Committee / Judiciary Committee)
9:30 a.m., Senate Committee on Agriculture, Nutrition and Forestry, Hearing on S. 3239 the “Egg Products Inspection Act Amendments of 2012", 328A Russell Senate Office Building.
9:30 a.m., House Committee on Science, Space, and Technology | Subcommittee on Energy and Environment, Hearing: Review of DOE Vehicle Technologies Program Management and Activities: Assuring Appropriate and Effective Use of Taxpayer Funding, 2318 Rayburn House Office Building.
12:00 p.m., House Committee on Small Business | Subcommittee on Agriculture, Energy and Trade, Hearing: Market Closed: Foreign Trade Barriers Facing Small Agriculture Exporters, 2360 Rayburn House Office Building.
USDA Reports: U.S. Export Sales, Monthly Milk Cost of Production
Friday, July 27:
The House is not in session.
Saturday, July 28:
“National Day of the American Cowboy” – The resolution as passed recognizes the cowboy as an iconic figure of America’s past and present, embodying American values such as courage, honesty, and respect.
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