The House of Representatives has passed a version of a plan that would extend the payroll tax cuts enacted for 2011. The plan also includes the acceleration of approval of the Keystone XL oil pipeline.

The bill, H.R. 3630, was originally known as the Welfare Integrity and Data Improvement Act (yup, not a word about payroll tax cuts in the title), and is most recently called the Middle Class Tax Relief and Job Creation Act of 2011 (better, right?). It passed the House with a 234-193 vote largely on party lines. Only ten Democrats supported the bill and a mere fourteen Republicans voted against it.

The bill would extend the payroll tax cuts to the end of 2012.

The bill would also (get ready):

(Deep breaths, we’re not done yet…)

The bill now goes to the Senate where there is no way it will pass as is. No way.

Congress has eighteen days to work this out. They’re on vacation for many of those days. Does anyone want to bet on the chances it’ll get done? Say, $10,000? (*insert Romney-like wink here*)

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Kelly Erb is a tax attorney, tax writer and podcaster.

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