That Did Not Take Long!

Published on: 15:58PM Jul 12, 2012

The Senate failed today to limit debate on their small business tax bill after (as usual) Democrats and Republicans disagreed about proposed amendments to the bill. 

The Senate voted 73-24 to table the Republican-favored amendment containing the text of the House-passed small business bill (H.R. 9) that would have provided for the 20% small business deduction as we discussed earlier in the week.

Sen. Charles Schumer (D-N.Y.) criticized Republicans for "holding back the economy on purpose to try and hurt" President Obama, saying that under any other circumstances a tax cut for small businesses is "mother's milk" to Republicans.

It is interesting that Mr. Schumer did not acknowledge the house bill also helped small business even more than the Senate bill.

Oh well, it is politics as usual and we may see some type of bill before year-end just like 2010 (another election year).