Daily Tax Update - July 29, 2008

SENATE EXPECTED TO HOLD CLOTURE VOTE ON  NEW TAX EXTENDERS BILL THIS WEEK:  A cloture vote could be held as early as tomorrow on Senate Finance Committee Chairman Max Baucus’ new tax extenders, AMT patch bill (S. 3335, the Jobs, Energy, Families and Disaster Relief Act of 2008).

  • However, Senate Republicans have said that they won’t hold a cloture vote on the extenders bill until an agreement is reached on energy legislation currently on the Senate floor. Senate Minority Leader Mitch McConnell said, “Right now, the number one issue in the country is the price at the pump. We're on that now. Why would we want to get off the number one issue?”
  • Senate Finance Committee Chairman Max Baucus said that he hopes to have 60 votes to invoke cloture but acknowledged he didn’t have enough votes yet.  Baucus said, “A lot of senators are squirming. I hope we have 60 votes; we should have 60 votes because there's something in this bill for every senator and every state. They want to vote for it but they are told not to vote for it. I think by the time we have the vote, we'll have 60 votes.”

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