Senate Expected to Pass 2010 Tax Relief Act Today!
Dec 15, 2010
The Senate is expected to pass their 2010 Tax Relief Act today and then pass it onto the House for their review.
The only expected snag in the House is related to the Estate Tax portions of the bill. Some of the more liberal House Democrats do not want to raise the lifetime exemption to $5 million or have a top rate of 35%. If they succeed in lowering the exemption or raising the rate, the bill will have to be reconciled between the two chambers and a final bill may not get done before the new year due to the Christmas break.
However, I am assuming the President Obama has behind the scenes gotten enough of a promise that this bill will pass and he is simply letting these Democrats voice their displeasure for their constituents.
We will keep you posted as it progresses.