Archive for the ‘Daily Deduction’ Category

They Saved the Must-Pass for Last

Congress has adjourned. The Daily Deduction will post on Mondays until the 114th Congress convenes.    Expired tax breaks: Renewed for 2014. Last night the Senate passed a $42 billion package of expired tax breaks by a vote of 76-16. In two weeks’ time, the tax breaks will expire. Again. Senate Finance Committee Chair Ron Wyden wanted to extend […]

The Senate Keeps Working…

Still on deck in the Senate: It is expected this week to renew dozens of expired tax breaks, including tax cuts for business research, wind power, and foreign profits. It’s worth remembering that if a $42 billion package like this gets passed every year, the federal deficit could grow by $800 billion over ten years. […]

“They Said That They Would Do It and Indeed They Did.” 


“Oh, what a night…” but no shut down. Ted Cruz and a handful of allies succeeded in delaying the Senate vote on the 2015 budget, but they couldn’t stop it. The $1.1 trillion spending bill was approved late Saturday night by a vote of 56-40. And three months into the fiscal year, most of the […]

Everybody’s Working for the Weekend

No shutdown, so far. Democrats hated it because of riders weakening Dodd-Frank financial protections and allowing fat-cats to triple their donations to political parties. Republicans hated it because it didn’t stop President Obama from liberalizing immigration laws. But, in the end, the House agreed to fund most of the government through next September, though it […]

No Congressional Approval of a Spending Deal Yet, But Plenty of Commotion

In the spending bill, inversion curbs could be curbed. The bill to fund the government through September 2015, scheduled for a House vote today and a Senate vote after that, waters down Democratic-supported curbs on corporate inversions. The Ds would have barred companies that move their tax addresses outside the country from getting US government […]

Last Minute, or Second- or Third-to-Last Minute, Deals Before the Holidays

Congress blows yet another budget deadline. After missing its chance to approve a spending bill to keep the government running after Thursday, Congress is now planning to vote this week on a very short-term continuing resolution—one good for just a few days. The measure  is designed to keep the government open and buy some time […]

Hits or Misses in Budgets and Courts?

News from the Hill: A compromise $1.1 trillion spending bill is expected to be released today. The House is scheduled to vote on the bill tomorrow and then adjourn for the year. The Senate will likely vote on Thursday, just hours before the December 11 deadline. The package will  fund most of the government through next […]

Congress Ties Up Loose Ends, Loosely

The Senate may soon send that retroactive tax-break bill to the President. The House passed it last week, and the Senate is expected to take up the measure this week. The House version  would  revive 50+ expired tax breaks only through the end of 2014. Tax Analysts reports that Dave Reichert, the incoming chair of […]

Congress May Just “Let It Go” … Until Next Year

Congress might really be home for the holidays. Finance Committee Chairman Ron Wyden told reporters today that the Senate won’t amend the House-approved bill to revive over 50 expired tax breaks for 2014 only. An up-or-down Senate vote could be held within days. Lawmakers must still sort out what they’ll do about a spending bill—funding […]

What You Get for the Money: Will It Be What You Need?

Tax Expirers: On to the Senate. On a roughly party-line vote, the House restored 55 expired tax provisions and extended them for… three weeks. Now the Senate gets to decide whether to go along or to amend the bill, most likely by extending the measures through 2015. And the world turns… Shouldn’t Congress comparison-shop before […]