Republican Tax Plans Hit Snag in Senate

[UpInArms]

http://news.yahoo.com/news?tmpl=story&cid=512&e=3&u=/ap/20051110/ap_on_go_co/congress_taxes

WASHINGTON - The GOP's tax cut agenda hit a snag Thursday when the tax-writing Senate Finance Committee, lacking enough Republican votes, postponed debate on $78 billion in tax reductions.

<snip>

They lacked the pivotal support of Sen. Olympia Snowe (news, bio, voting record), a moderate Republican from Maine, who said she'd like to see senators concentrate their attention on matters that must be done this year, like tax cuts that expire in 2006.

"We're in a different economic environment," she said. "We've had three back-to-back hurricanes."

The list of tax cuts due to expire this year does not include reduced rates on capital gains and dividends — a top priority for other Republicans on the committee.

The 15 percent tax rate on that investment income runs out at the end of 2008, but many Republicans want to act this year and push that date ahead to 2010. The drafted bill, which the Senate committee had planned to debate Thursday, extended the tax cut's life for one year, until 2009. The House has yet to write its version of the tax cuts.

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[CountAllVotes]

1. *shock and awe!*

Could it be that they are having to face reality?

Naw ... just away to grab the votes being the scrutiny is on HIGH.

Tax cuts for the rich repealed? My oh my, who'd ever thunk? :think:

:kick:

[wordpix]

2. these repiglicans never stop giving themselves tax cuts, even

when we have record debt and deficit spending. What a bunch of crooks and robber barons. Let's hope the "snag" continues.