By Agri-Pulse Staff
© Copyright Agri-Pulse Communications, Inc.
Washington, Dec. 9 – Senate Majority Leader Harry Reid (D-NV) introduced “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” Thursday evening, calling it “a bill to cut taxes for middle-class families and small businesses and create jobs.” The bill in fact extends all of the 2001 and 2003 “Bush tax cuts.” House Democrats so far are refusing to consider taking up the bill, hoping to let the tax cuts expire for the very wealthiest tax payers. House Democrats also hope to make the estate tax provisions less generous than the White House/Reid proposal of a 35% tax on estates over $5 million rather than reverting to the 2009 rate of 45% on estates over $3.5 million.
The current plan is for the Senate to hold a procedural cloture vote on the tax bill at 3 PM Monday. Liberal Democrats may attempt to block further action by filibustering. But since a test vote Thursday on technical issues passed 65-11, easily meeting the 60 vote threshold, the Monday vote is expected to open the way to full Senate debate of the White House tax plan next week.
The following is a statement from Senator Reid on the measure:
“Middle-class families and small businesses in Nevada and across the nation are hurting. They need relief, starting with a tax cut. But Republicans are so committed to giving more tax breaks to millionaires and CEOs, they are willing to hold middle-class tax cuts hostage to get them.
“I refuse to let Republicans delay tax cuts for the middle class and small businesses any longer. This bill is not perfect, but it provides the economic boost middle-class families and small businesses in Nevada and across America need. Middle-class families and small businesses will see their taxes go down. This measure contains additional job-creating tax incentives for working families including the payroll tax cut, child tax credit and the Earned Income Tax Credit. It provides incentives to create clean energy jobs, energy-efficient homes, and investments in renewable energy. And it will ensure that the millions of Americans still looking for work in this economy will continue to have the safety net they rely on to make ends meet.
“The time for Republican political games is over. We must pass this measure before Congress adjourns.”
Reid provided this Nevada-focused summary, highlighting that the bill includes “a number of provisions that benefit Nevada’s middle-class families:”
Extends by two years the current tax rate for middle class families.
Includes a $120 billion payroll tax reduction for workers.
Extends unemployment insurance benefits for 13 months, providing a safety net that Nevadans need while they look for work.
Extends the American Opportunity Tax Credit (college tuition), the Child Tax Credit and the Earned Income Tax Credit.
Allows businesses to deduct 100% of certain investments in the first year.
Extends for two years the state and local sales tax deduction.
Extends Alternative Minimum Tax relief for two years.
Extends incentives that have been important for Nevada’s developing clean energy industry.
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