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Bailout vote switchers & House goodbyes

October 4, 2008

In my post yesterday about the passage of the financial services bailout bill, I included some links showing how lawmakers voted.

If you haven’t yet had a chance to contrast and compare the House’s rejection of the measure on Sept. 29 to its passage of a revised bill on Oct. 3, don’t worry. Politico’s blog The Crypt has compiled lists, by party, of the vote switchers.

In all, 58 Representatives changed their votes from "no" on Monday to "yes" on Friday.

One House member, Jim McDermott (D-Wash.), went the other way, going from "yes" to "no." Jerry Weller (R-Ill.) didn’t participate in the first vote.

Buh-bye House: Having spent an extra week in D.C. to deal with the bailout, the House left for good on Friday.

The 110th Congress formally adjourned until Jan. 3, 2009. Representatives could reconvene if there’s a need, but  that’s unlikely since the now-law Emergency Economic Stabilization Act of 2008 took care of the alternative minimum tax and extenders.

The Senate, however, is expected back on Nov. 17.

That lame-duck session will focus on passing a package of more than 150 largely noncontroversial land bills that Sen. Tom Coburn (R-Oklahoma) has held up or, in the view of many Senators, held hostage, for months. Coburn’s penchant for stalling legislation has earned him the nickname of the Dr. No.

But other measures also might be considered, according to Roll Call. A Senate Democratic leadership aide told the Capitol Hill newspaper that Senate Majority Leader Harry Reid (D-Nev.) "wants to keep his options open."

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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