Tax cuts vote off the table until after election

Local, National, Politics 1 Minute

Senate Democrats have decided to delay any vote on the expiring Bush tax cuts until after the election.  Meanwhile, my own Congressional representative, Glenn Nye, has signed a letter asking for all of the tax cuts to be extended.

Over a year ago, I raised the issue of the expiring tax cuts with Sen. Mark Warner. My interest in this issue is not only due to the deficit, but also because people need to be able to plan. The uncertainty of what is to come makes it impossible for anyone – individuals, businesses and the states – to figure out what’s going to happen next year.

Is it any wonder that people are upset with Congress? Taking care of the people’s business should be goal number 1, not political posturing.

I can see it now: they won’t get to anything after the election because the lame duck session will be unwilling to bind the new Congress. Then come January, the new Congress will be too busy flexing its muscles on stuff that doesn’t matter to take it up. By March, they might tackle some parts of it, and make it retroactive. Then Virginia will try to figure out how to move its conformity date, but, oops – too late. Session already over.

Is it too much to ask that the representatives in Washington do the job they were elected to do, putting the people first and politics aside?

Unfortunately, it appears the answer is yes.

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6 thoughts on “Tax cuts vote off the table until after election”

  1. Yes sadly, it is too much to ask. Both parties want to use this as this year’s wedge isssue. The people be damned.
    And the uncertain part is the worst of it. Subject came up last night at the beer summit and I suggested exactly what has happened. No vote until after the election. But more to your point was an attendee who was trying to decide on a Roth IRA conversion, but no idea what the rates will be 2011 or 2012. And we wonder why the economy is stalling.

  2. Anyone seen any news articles that might elucidate why they weren’t willing to take a crack at it even using budget reconciliation? Considering that’s how the tax cuts were passed in the first place….

    1. Nope. Have not seen those articles. My own belief is that both parties want to use the issue in campaigning against the other. So therefore, no vote. Just my view. Your mileage may vary.

  3. And I read today that they want to make the corporate tax code even more of a nightmare by allegedly trying to punish offshoring. If they just wanted to end the deferral on income not repatriated, that is one thing. But to come up with some rules that complicate its application, that is ridiculous. And this is what they want to work on instead of the expiring Bush tax cuts.

      1. Agreed, since legally corporations are treated like individuals for a range of purposes, we should tax them under the individual tax code.

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