Daily Tax Update - October 14, 2009

BAUCUS SUGGESTS SNOWE MAY NOT BE INCLUDED IN MERGER TALKS: Despite Sen. Snowe's affirmative vote yesterday in the Finance Committee, Committee Chairman Max Baucus suggested that he does not anticipate that Snowe would participate during talks to merge the Finance and Senate Health, Education, Labor and Pensions Committee bills. Baucus said, “I mentioned that to Sen. Snowe and I mentioned that to Sen. Reid, but I think Sen. Reid wants a smaller group rather than a larger group. Every senator is going to be consulted thoroughly as we put this bill together.” Baucus added, “We need 60 votes.” However, a spokesman for Senate Majority Leader Reid suggested that Snowe would play an important role in the merger talks. 

• Senate Majority Leader Harry Reid said Democrats might get three GOP votes “if we're lucky.” Reid added, “It appears at this stage that we're not going to get any other than a few, maybe a couple of courageous souls. Maybe we'll get three if we're lucky.” Reid was referring to the possibility that Sens. Snowe, Collins, and Voinovich might vote in support of the bill.
• Today, Voinovich said that “anybody who has paid any attention to what I've said about costs" would dismiss chances he will support the Democratic plan. He added, “The only thing I can support is if we go back to the drawing board.”
• Collins said, “I hope that we will continue to make substantial changes in the bill. The Finance Committee version is considerably better than all of the other bills that have been reported, and it represents progress, but it still requires substantial work.” Collins added, “I would like to see a healthcare bill pass but not any healthcare bill, and we're not there yet.”
• Regarding the timetable for merging the Senate bills, Baucus said, “Now that it's come out of the Finance Committee, let's make sure we get the merger right. Let's not botch it.”
• After yesterday's Committee vote, Snowe said, “So is this bill all that I want?  Far from it. Is it all it can be? No, it is not.” Snowe added, “But when history calls--history calls. And I believe the consequences of inaction dictate the urgency of allowing for every opportunity to demonstrate our capacity to solve this monumental issue.”
• After yesterday's Finance vote, President Obama said, “As a result of these efforts, we are now closer than ever before to passing health care reform. But we are not there yet. Now is not the time to pat ourselves on the back. Now is not the time to offer ourselves congratulations. Now is the time to dig in and work even harder to get this done.”

TAX BILLS INTRODUCED OCTOBER 13^TH:
H.R.3799: To amend title XVIII of the Social Security Act to improve prescription drug coverage under Medicare part D and to amend the Public Health Service Act, the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code of 1986, to improve prescription drug coverage under private health insurance, and for other purposes.
Sponsor: Rep Johnson, Henry C. "Hank," Jr. [GA-4] (introduced 10/13/2009)      Cosponsors (8)

H.R.3801: To amend the Internal Revenue Code of 1986 to extend the increased first-time homebuyer credit and waiver of requirement to repay, and for other purposes.
Sponsor: Rep Sestak, Joe [PA-7] (introduced 10/13/2009)      Cosponsors (None)

H.R.3802: To amend the Internal Revenue Code of 1986 to remove cell phones from the limitation on depreciation when used for personal purposes, and for other purposes.
Sponsor: Rep Shadegg, John B. [AZ-3] (introduced 10/13/2009)      Cosponsors (None)

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