Daily Tax Update - January 25, 2007

SENATE CONTINUES CONSIDERATION OF MINIMUM WAGE BILL WITH TAX BREAKS: Yesterday’s failure by the Senate to invoke cloture on a clean minimum wage bill sets the stage for a showdown with the House over the fate of the tax provisions in the bill. House Ways and Means Committee Chairman Charles Rangel (D-NY) and other House leaders oppose attaching the small business tax provisions to the minimum wage bill. Rangel and other House Democrats have raised concerns that a tax-cut bill that does not originate in the House would violate the Constitution and have urged the Senate to pass a stand-alone bill. The Senate is expected to pass the minimum wage bill next week.

  • Senate Finance Committee Chairman Max Baucus (D-MT) said that procedural issues could be avoided if the Senate holds its tax bill it at the Senate desk while the House and Senate resolve their differences. Baucus was confident that a resolution could be reached in a timely manner.

TAX BILLS INTRODUCED JANUARY 24th CAN BE ACCESSED VIA:
http://www.steptoe.com/assets/attachments/2819.pdf

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