Where tax policy meets politics — legislation, elections, and the debates in Washington that decide how (and how much) you’re taxed.
I’m not going to issue a complete report on the stimulus plan until the ink on the signature page is dry (Obama plans to sign the final version of the bill on Monday). But for now, here are some fun stat facts about the bill: Number of pages in the bill: 680 (editor’s note: the…
A version of the stimulus bill passed the Senate today with a final vote of 61-37. Three GOP Senators broke with the majority and voted with Senate Democrats: Susan Collins (R-ME), Olympia Snowe (R-ME) and Arlen Specter (R-PA). But House Republicans may not be so friendly. Senate Minority Leader Mitch McConnell (R-KY) said that the…
As of this evening (Monday), it seems that the Senate version of the housing bill will make it intact to the vote tomorrow. And you know that I’m not a fan. I promised that I’d explain why I think it’s a bad idea. It’s taken a few extra days (yes, a plague of biblical proportions…
As the stimulus plan works its way through the Senate, it appears to be losing popularity among US taxpayers. At the end of 2008, taxpayers were clamoring for a stimulus package, although there was not a lot of agreement as to what should be included. So Congress and President Obama went to work. What has…
You won’t get it today. Newly confirmed Secretary of the Treasury Timothy Geithner was slated to announce details of the revised bank bailout plan on today but that’s not going to happen. The Treasury is moving the planned speech ahead to tomorrow in order to focus on the economic stimulus bill. The bill is being…
Senate Majority Leader Harry Reid (D-NV) has indicated that the newly “trimmed” stimulus package will go to a vote in the Senate on Monday. The bill now costs approximately $827 billion. You would have thought that the Senate had found the cure for cancer, as they congratulated each other for finally agreeing on something. They…
Taxpayers have been crying foul for weeks now after it was revealed that executives of failing financial institutions were still being rewarded with extraordinary payouts. How big were the payouts? If you include stock options, bonuses, and perks, the chief executives of 10 banks which received $161 billion in federal bailout money took home a…
In case you missed it, I was interviewed for today’s front page of the Philadelphia Inquirer. You can read the article, titled Tax Revelations of Rich, Powerful Irk Honest Filers, here. I was asked to comment about how everyday taxpayers were reacting to the scandals swirling around Obama nominees Geithner, Daschle, and Killefer, each of…
The Senate voted tonight to approve a tax credit of up to $15,000 to first time homebuyers. The measure is part of the proposed stimulus package and is not yet law. More details and my opinion about the whole shebang on tomorrow.
Don’t get too excited just yet. Yes, the Senate did vote to give a tax break to new car buyers by a vote of 71-26. But the break is part of a stimulus package that has yet to be finalized. In other words, it’s still just part of the talk. But it was popular talk….