Daily Tax Update - July 30, 2012: Congress Will Not Act on Continuing Resolution Before August Recess

CONGRESS WILL NOT ACT ON CONTINUING RESOLUTION BEFORE AUGUST RECESS:  Congress will recess at the end of this week for five weeks and will not vote on a continuing resolution to keep the government running before then.  Congress will have to pass a continuing resolution prior to September 30 to avoid a government shutdown.  After Congress returns from its recess, the House will have only eight legislative days in September in which to complete its work before the November elections.

HOUSE DEMOCRATS INTRODUCE SENATE-PASSED TAX CUT BILL:  Rep. Sander Levin (D-MI) said that he plans to introduce the Senate-passed tax cut bill today for families earning up to $250,000 as an alternative to the Republican bill to extend all of the Bush-era tax cuts.  The House is expected to take up both the Republican and Democratic alternatives on Thursday.

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