Obama Tax Bill Passes In Senate, Heads To The House

Obama Tax Bill Passes In Senate, Heads To The House

Now that President Obama’s tax bill has successfully made its way through the Senate, it’s off to the House of Representatives.

Cuts And Extensions

As we’ve mentioned before, the tax cut deal is both an extension of the Bush-era tax cuts and a reimplementation of unemployment benefits that would have expired. There is also the prickly matter of the estate tax, which is now at a record low but is expected to greatly increase, leading bloggers everywhere to declare that those with sizeable estates to bestow on their heirs would do best to take care of that that this year—or, the more macabre “It’s a good year to die.”

One More Step—Hopefully

The President is encouraging the House to pass his bill as is, although he admits that it includes provisions that he outright opposes. But after Congress flushed red during the midterm elections, passing any bill will be about compromise. For those hoping the tax cut bill makes it to official legislation, the key will be in the House passing it without insisting on any changes. As the Huffington Post says:

The stakes are high as the House begins debate. If the House passes the higher estate tax, the bill would go back to the Senate, jeopardizing the entire package and representing a public rebuke of Obama by members of his own party.

A vote is expected Thursday afternoon.

Let’s hear it: How do you predict the bill will fare through its time in the House of Representatives? Will the matter of the estate tax undermine the entire project... and are you hoping for it?

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