House Will Pass Reworked Tax Cut Deal

Reuters reports today that a Democratic aide said House Democrats will likely pass President Obama’s tax cut deal he made with Republicans some time next week.

The aide told Reuters that some tweaking to the estate tax provisions are in the works, but it appears that the rest of the Senate bill will be passed as-is.

According to Reuters, “The House will likely approve the basic framework of the president’s proposal, ‘but with some changes,’ beginning with the estate tax, the Democratic aide said.”

Basically it sounds like Democrats will nibble around the edges and try to save face after screaming about Obama’s deal with Senate GOP leaders earlier this week.

Obama caved on the estate tax – among other things – by bumping the exemption up to $5 million from the previous $3.5 million, as well as lowering the tax rate from 45 percent to 35 percent. That means fewer estates will have to pay any estate tax at all, and if they do, they’ll be paying 10 percent less in taxes.

The aide told Reuters that it’s not yet clear what, if any, changes in the estate tax will make it into the final bill. “Hasn’t been decide yet,” the aide said.

US House likely to pass reworked tax deal-aide. Reuters. December 10, 2010.

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