So here’s where we are on HR 4213, also called the Tax Extenders Bill or the ever-so-catchy American Jobs and Closing Tax Loopholes Act of 2010: nowhere.
The bill, which has been proposed in one form or another for over six months, failed yet another test this week when a revised version failed in the Senate by a 57-41 vote. You can see how the votes were cast here.
So why won’t it pass? Take your pick:
- Too expensive
- Too impractical
- It’s an election year (let the finger-pointing begin)
- Too many fingers in the pot (yes, Congress is using the bill to push anything and everything they’ve ever wanted in a bill through)
The bill has been the victims of odd tweaks in what’s being touted as an effort to reduce the impact to taxpayers (right, *cough*). The most recent version – the one that didn’t manage to get passed – would only increase the deficit by $33.3 billion over ten years. Better than before, but still not good. Perhaps if Congress would stop insisting on padding the bill with vote-getting strategies (extending the homeowners bill in exchange for eliminating deductions for punitives, anyone?), they could make some headway. But that would require making some tough decisions. Our legislature doesn’t do that anymore.
Congress appears to be missing the point of the bill. It was called the American Jobs and Closing Tax Loopholes Act of 2010. Um, where are the jobs? The loopholes they’re closing?
Here’s what they’ve gotten us instead… State budgets have no closure because they’re waiting to hear about stimulus funds. The “summer employment” program is in limbo (note to our seasonally challenged Congress: summer started earlier this week). The homeowner’s credit deadline is June 30 and there’s no certainty that it will be extended. Corporations and individuals aren’t sure how to plan for taxes because there’s no word on extensions.
Perhaps most importantly, nearly a million people have lost their unemployment benefits because the Senate failed for the third time to extend the deadline. And there’s more unemployed folks at risk for losing benefits on the way. These aren’t just numbers. They’re real people. With real families and real financial worries. But in the gobbledygook that is DC, the Senate won’t budge on unemployment because it might cause them to lose some leverage on something else… you know, just as important, like bragging rights in next month’s election ads.
The only piece of this mess that has become law is staving off a planned cut in Medicare reimbursement to doctors for six months (the original proposal called for the push off through January 2012). As I reported before, that cut has been slated to kick in since 2003 (!) as a result of the Balanced Budget Act of 1997 but Congress keeps pushing it out a little bit at a time. Clearly Congress has its priorities: no jobs, no stimulus funds, no unemployment benefits, no tax extensions. But – insert a sigh of relief – at least the doctors can sleep at night.
If you believe the rumors, the fate of the bill is not a happy one. It’s reportedly slated to be trashed and they’re going to start over. Nice. And that will take… how long?
I’m glad the Senate didn’t extend unemployment benefits more. We are doing a disservice to continue letting people claim unemployment when they do not have the incentive to look for jobs. The longer they are on the unemployment the less likely they will find a job because they’re going to get beat out by others coming in. I was unemployed August 2009 so I know what is is like. Unfortunately, far too many people are not willing to do what it takes to get a job ie switch career path for less pay, go to school and learn a new trade, dress up in your best suit and go floor to floor in every high-rise in the nearest metropolitan city. Congress should halt the passage of any bills that add to our deficit. Watch I.O.USA to get a feel for where the country is heading. We have serious debts to pay and the social security surplus we’ve been using to pay our current debts is about to dry up. 🙂
David, here is my take on it (as I tweeted earlier). My complaint about the failure to extend it isn’t about the specifics of the benefits or not. It’s about taking a stand. The Senate either wants to extend the bens or not. Make a decision. Make a “no” vote mean take it out of the bill. Don’t make a “no” vote a “no” based on a million other political things.
Americans Stop Suffering and Carried Interest Stemming
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