Agricultural News
House Will Look to Senate on Tax Cut Extensions
Thu, 22 Jul 2010 18:05:18 CDT
House Speaker Nancy Pelosi and other House leaders will take their lead from the Senate on the Bush-era tax cuts that expire at the end of the year. She did not have details of how or when the Senate will move – but the Senate Finance Committee was slated to discuss extending the tax cuts during a bipartisan meeting last night (Thursday). Pelosi did say she prefers to stick to the President’s promise to allow the tax cuts to expire for individuals that earn more than 200-thousand dollars and families earning 250-thousand or more. Treasury Secretary Timothy Geithner says the administration believes it’s appropriate to let those tax cuts that go to the most fortunate two or three-percent of Americans expire on their current schedule. As for the estate tax – Geithner says we should restore it to its 2009 levels. Republicans and some Democrats want to raise the exemption beyond last year’s 3.5-million per person and reduce the maximum tax from the ’09 level of 45-percent.
WebReadyTM Powered by WireReady® NSI
Top Agricultural News
More Headlines...
