Senate Begins Debate on Tax Bill

by Daniel Foster

The Senate has formally taken up consideration of the $858-billion Obama-McConnell tax compromise.  In what seems a good portent for the bill in the Senate, an early, technical vote to proceed to debate passed with 65 yeas.

What’s in it? Well, besides the across-the-board extension of current tax rates, the 13-month UI benefits extension, and the compromise on the estate tax, it includes the one-yer payroll tax cut, a two-year AMT fix, and sundry of Obama’s favored tax breaks and credits. It also will include ethanol subsidies and alternative-energy grants as sweeteners meant to expand support.

A cloture vote scheduled is scheduled for Monday.

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