That's it. I'm done predicting Congressional action. My crystal ball obviously is broken.
I really thought the House and Senate would come back to Washington and get stuff done to show the voters that they deserve to stay in office.
Today, however, the Senate said "sorry" to dealing with the expiring Bush tax cuts. It's looking like this important issue will be handled by a bunch of lame ducks.
According to CQ Politics, Montana Democrat and Finance Committee Chairman Max Baucus is "ready" to introduce tax legislation, but "people want to leave … by next week."
Some Senators are worried that "nuances" of a tax vote "won't come across on Election Day."
Others pointed to the short timetable and the realistic chances of getting a final pre-election deal with the House.
Plus, the Dems really need to get their own house in order. There are a lot in the party who aren't toeing the political line.
So get ready to push your tax planning off until the very end of the year.
And as I blogged in Tax cut timing could be costly, if you have withholding taken out of your paychecks, be prepared for it to be a bigger bite in 2011.
Related posts:
- Tax cut timing could be costly
- Democrats who support Bush tax cuts
- Representing the rich … or not
- Some quick tax cut calculations
- OMG! What will happen to my tax bill if the
Bush tax cuts expire!?! - Tax cuts smackdown!
- 2010's expiring tax cuts likely to be dealt with by a lameduck Congress
- Debunking 5 Bush tax cut myths
- Your 2011 tax burden revised
- Yet another tax what-if calculator
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