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Senate Vote on Extension of Temporary Tax Credits Bill Delayed Until Today
The Senate voted 66-34 March 9 to cut off debate on a one-year extension of $31 billion in temporary tax breaks, as well as longer-term extensions of unemployment insurance benefits and tax credits to help unemployed individuals keep their health insurance.
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Tax on Executive Bonuses Under Consideration for Senate Extenders Bill
The Senate will consider the addition of a new 50 percent tax on executive bonuses in excess of $400,000 as part of the tax extenders legislation (H.R. 4213) set for a final vote March 9.
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Uncertain Positions Proposal Not for 2009 Returns; IRS Seeks Comments
The Internal Revenue Service said March 5 it is extending the time for submission of comments on its recent proposal for mandatory reporting of uncertain tax positions on business taxpayers' returns, adding that such reporting will not be required for 2009 returns filed in 2010.
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House Passes Job Creation Bill With $17.6 Billion in Tax Incentives
The House March 4 voted 217-201 to pass legislation that includes $17.6 billion in tax cuts aimed at encouraging businesses to hire new workers.
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Obama Asks Congress to Bring Health Bill to Vote ‘In the Next Few Weeks’
President Obama urged Congress March 3 to bring his slightly revised version of the Senate-passed health bill (H.R. 3590) up for a simple majority vote in Congress in the next few weeks, saying the American public can afford to wait no longer.
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Senate Halts Action on Tax Extenders as Focus Returns to UI Extension
The Senate suspended work March 2 on legislation to extend $31 billion in tax cuts through the end of 2010 so it could resume efforts to temporarily restore funding for unemployment benefits and federal highway programs, which were idled when Congress allowed funding to expire Feb. 28.
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Black Liquor, Economic Substance Are Senate Extenders Offsets
Senate Finance Committee Chairman Max Baucus (D-Mont.) in a March 1 statement said that legislation (H.R. 4213) to extend $31 billion in expired tax cuts will be paid for by codifying the economic substance doctrine and denying paper mills a biofuels tax credit for their use of a fuel known as black liquor.
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Obama Expected to Announce Plan This Week to Finish Health Reform
President Obama the week of March 1 will announce a plan for completing health care reform legislation, White House spokesman Robert Gibbs said Feb. 26.
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Shay Says U.S. Tax Policy Must Reflect Unique Economy, Legal System
Debate over the extent to which U.S. policy makers should be guided by the tax policies of other countries has to take into account the fundamental differences between those countries and the United States, a senior Treasury Department official said Feb. 25.
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Senate Passes First Installment of Tax Cuts to Bolster Job Creation
The Senate voted 70-28 on Feb. 24 to pass its first installment of economic stimulus of the year, including $16 billion in tax cuts aimed at encouraging businesses to hire new workers.
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