Breaking-Senate Passes Tax Package, Sends to House for Vote

The Senate overwhelmingly passed President Obama's tax package negotiated with Republican leaders, setting up a final vote in the House expected to as early as Thursday. The Senate approved the tax extenders that would add nearly a trillion dollars to the U.S. debt in a 81-19 vote. The tax deal package would extend current income tax rates for another two years and add hundreds of billions in additional spending through sweeteners and a 13-month extension in jobless benefits.

The deal was approved by Republicans and Obama but faces stiff opposition among House Democrats who say Americans should have to pay larger percentages of taxes on bequeathed estates than is negotiated in the deal.

Source: www.foxnews.com...

Okay, now we're talking. Lets see who's got the political balls to try and stop it.

I say maybe 50 votes against-from the dems.

This will prove to be a pivotal moment for the Dems. Can they re-bound and say the heck with the American people-like they have been? Or will they come to their political senses and realize they are on the wrong track?
Time will tell.

I just think they are blind as a bat and hell bent on taking themselves out of the political spectrum-with their current course.

We shall see. I always knew the Senate will pass the bill, but the House is a different story. The Dems never have the balls to confront the Repubs on any issues let alone this one. So, I would say it passes, and then, the tax payer gets screwed once again.

I do not like Obama, but I am proud of him trying to put our needs before the party line. Hopefully congress gets the hint. WE NEED THE COMPROMISE!

reply to post by anon72


They are hoping the 1099 rule tucked into the obamacare bill will make up for the lost revenue.

Health care law's massive, hidden tax change

NEW YORK (CNNMoney.com) -- An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork.

Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year. The stealth change radically alters the nature of 1099s and means businesses will have to issue millions of new tax documents each year.

Right now, the IRS Form 1099 is used to document income for individual workers other than wages and salaries...
But under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll have to send Apple a 1099. A laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases.

The bill makes two key changes to how 1099s are used. First, it expands their scope by using them to track payments not only for services but also for tangible goods. Plus, it requires that 1099s be issued not just to individuals, but also to corporations.

Taken together, the two seemingly small changes will require millions of additional forms to be sent out.

"It's a pretty heavy administrative burden," particularly for small businesses without large in-house accounting staffs, says Bill Rys, tax counsel for the National Federation of Independent Businesses.....

There is one thing I can guarantee. I will NEVER vote for a DEMI RAT again!