Daily Tax Update - October 1, 2009

BAUCUS: FINANCE WILL VOTE ON HEALTH BILL NEXT WEEK: Senate Finance Committee Chairman Max Baucus said that the Committee would hold a vote on his Chairman’s Mark next week. The Committee could complete its action later today or tomorrow. Baucus said, “If we can be as productive today as in the last several days, I have high hopes of finishing today. It might be late today, but at least we'll finish today. Certainly we'll be finished by tomorrow.”

• While Republicans have wanted time to review the final legislative language and CBO score, Baucus said that would take at least two weeks. Baucus added, “I just don’t think we can wait around two weeks for a score on legislative language.” Ranking member Charles Grassley expressed frustration that the members might not get to see the language and cost. Grassley said, “If you’re telling me we’re not going to be able to see the product that we produce, then I say to you, what are we wasting our time here for?”
• The Committee approved an amendment yesterday by Sen. Bill Nelson that would allow people age 65 and older to take an itemized deduction for medical expenses that exceed 7.5 percent of their adjusted gross income. The Chairman’s Mark would raise the level to 10 percent, starting in 2013. The Nelson provision would sunset on January 1, 2017. Nelson said, “We should not raise taxes on the seniors to pay for health reform, particularly in this case, seniors suffering extreme medical hardship.”

TAX BILL INTRODUCED SEPTEMBER 30^TH:
S.1728: A bill to amend the Internal Revenue Code of 1986 to modify the first-time homebuyer credit in the case of members of the Armed Forces and certain other Federal purposes, and for other purposes.
Sponsor: Sen McCaskill, Claire [MO] (introduced 9/30/2009)      Cosponsors (1)

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