Daily Tax Update - February 14, 2006

Today, the Senate appointed conferees to its $70 billion tax reconciliation bill. The conferees are: Senate Finance Committee Chairman Grassley (R-IA), Sen. Jon Kyl (R-AZ) and ranking member Max Baucus (D-MT).

  • Today, the Senate approved 53-47 a motion by Senate Finance Committee Chairman Charles Grassley (R-IA) instructing the conferees to include both alternative minimum tax protections and the capital gains and dividend extension in the final conference report. Grassley said, "Today, the Democratic leadership strategy of obstructing the tax relief bill totally collapsed.  The old saying, ‘be careful what you wish for,’ certainly applies here. The Democratic leaders who insisted on filing motions to instruct the conferees not only lost in their attempts to score political points, but had the tables turned on them when the Senate voted to instruct the conferees to extend capital gains and dividend relief. I’ve said all along that we can extend both AMT relief as well as capital gains and dividend relief in conference, and I’m very encouraged that the Senate agreed."

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