House Dems Reject Tax Plan
Wed, 15 Dec 2010 4:35:16 CST
House Democrats, in a closed-door caucus Thursday, rejected the tax cut deal between the White House and Congressional Republicans. House Speaker Nancy Pelosi said changes would need to be made before she would allow the bill to come to the House floor for a vote. Negotiations continue between Democrats, Republicans and the White House.
Iitís up to the Senate to make the next move. Minority Leader Harry Reid must come up with a structure that will get 60-votes in the Senate and 218-votes in the House, where opposition is much stronger. Representative Chris Van Hollen of Maryland says - I think there‘s still a very serious question whether this package can pass in the form it‘s in now.
A major question is the estate tax provision. Most Democrats would prefer to renew the tax, which lapsed last year, with a 45 percent rate on estates worth more than 3.5-million dollars for individuals and 7-million for couples. The Obama-GOP deal would impose a 35 percent tax on estates larger than 5-million dollars for individuals and 10-million for couples for the next two years.
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