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Congress getting ready to clock out

September 13, 2012

Summer vacation time is over. School's back in session. Moms and dads are back at work.

But one group of Americans is about to take most of the rest of the year off.

Yes, I'm talking about Congress.

Check out the official House calendar. Our Representatives returned to Capitol Hill this week after their regular August/Labor Day/party conventions recess, I mean district work session.

Lawmakers will break again Monday and Tuesday, Sept. 17 and 18, for Rosh Hashanah.

GOP Leader House Calendar September 2012 Click on image for a larger view.

Then they'll head back to campaign, I mean to their districts to hear concerns of their constituents, the week of Sept. 24 through Sept. 28.

That's eight days on Capitol Hill this month.

In October, the House is scheduled to meet only that first week. The rest of the month is for the Columbus Day holiday and district work time.

Representatives are planning in November to sandwich eight days in session around Thanksgiving.

As for December, expect them to meet Dec. 3-6 and Dec. 11-14, with a couple of those days to end at 3 p.m. Then it's home for the holidays.

Bah humbug when it comes to passing bills.

Not much time for much work: The bottom line is that the House is planning to show up for work for a total of 29 days, less than a month, these last fours months of the year.

The Senate hasn't issued its work schedule, but you can bet it's on a similar abbreviated timetable.

Being a member of Congress, especially in election years, apparently is a part-time job. Nice work if you can get it.

What that means for you and me is that there is precious little time for legislation to keep the economy from falling off the fiscal cliff or to reinstate tax laws that expired at the end of 2011 or to deal with issues that have popped up this year, like a way to keep the government from shutting down on Sept. 30.

A deal on a continuing resolution between House Speaker John Boehner (R-Ohio), Senate Majority Leader Harry Reid (D-Nev.) and President Obama in late July that should (we hope!) be agreed to shortly to give Uncle Sam enough money to operate through March 31, 2013.

But other than that, well …

Both the House and Senate have approved separate Bush tax cut bills, but the differences in the two measures make it unlikely that a bill will find it's way to the president's desk any time soon.

It's not just the tax rates where the two chambers are at odds, but also on how much we might pay on capital gains and qualified dividends, as well as estate tax provisions and who will be hit by the alternative minimum tax.

The Senate Finance Committee has signed off on a package of extenders, those tax breaks that are perpetually renewed for just one or two years at a time. But the House, from whence all tax legislation must originate, hasn't really done anything about extenders yet.

And what about the 2 percent payroll tax cut for employees that ends on Dec. 31?

The reality is that Congress will have to do more work than it has planned this year to address all these outstanding tax issues.

And the problem for them and us and the Internal Revenue Service is that the necessary legislative work likely will be done, as has been the case in recent years, as December is winding down.

I hope I'm wrong. I hope that as soon as the Nov. 6 votes are tallied Senators and Representatives will get their butts back to D.C. and take care of these outstanding issues so we'll have at least a few weeks to make the necessary tax moves.

But I'm not holding my breath.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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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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