Senate Adopts Cloture on Tax / Unemployment Compromise Package

Senators have adopted a procedural (cloture) motion on the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (H.R. 4853) by a vote of 83-15.  Sixty votes were needed to adopt the motion.

Some provisions in the bill, per a press release from Majority Leader Harry Reid (D-NV):

  • 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.

The package also obviously extends the upper-income tax cuts as well.  The Hill prices this legislation at around $858 billion.

1 Comment

Filed under Energy, Taxes, Unemployment

One response to “Senate Adopts Cloture on Tax / Unemployment Compromise Package

  1. ady

    The unemployment situation is so grave that this bill was only able to address current claims and those that have recently filed. All the folks that are truely the “long term” unemployed have been ignored, and they make up about 30% of the total unemployed or more. The exact number is not known because once they stop receiving benefits they also stop being counted, and thought of. The real number is believed to be much higher but they just have no way of tracking those that have been long term.
    If my congressmen are as smart as I think they are, they will be able to track all those people with expired benefits (99rs) by the increase in homeless numbers.
    You cannot look to your government for help. Look to yourself. Being in the general public simply means you;re a political pawn.

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