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Tax-writing lawmakers lose seats

November 5, 2008

A few votes are still being counted, but for four members of the federal tax-writing committees, the news is not good.

Capitol-Winter cropped
A senior Republican member of the House Ways and Means Committee and
the newest GOP Senator on the Finance Committee both lost their
reelection bids in yesterday's Democratic sweep of Washington, D.C.

Phil
English (R-Pa.) has served as ranking minority member on the Ways and
Means Select Revenue Measures Subcommittee. He had been a member of
Ways and Means since he took office in 1994. English lost to Democratic
challenger Kathy Dahlkemper.

Across
Capitol Hill, Sen. John E. Sununu (R-N.H.), lost to Jeanne Shaheen, the
former Democratic governor of New Hampshire. Sununu was the junior-most
member of the Senate Finance Committee, taking that slot in January
when he was appointed to fill the seat left vacant when Trent Lott
(R-Miss.) resigned.

Two races up in the air: Two other Republican tax writers are awaiting final word on their political futures.

Gordon
Smith (R-Ore.), who's served on the Senate Finance panel since 2003,
remains in a fight for his seat. Smith took the lead overnight, but
most news outlets still list the race as too close to call.

However, RightPundits.com
predicts that Democrat Jeff Merkley will defeat Smith. The Web site
says a county-by-country analysis of the outstanding votes show that
Merkley will win by about 50,000 votes.

UPDATE, 1:30 p.m. CT Nov. 6:
Merkley declared winner in Oregon,

unseating GOP incumbent Smith.

Also
still up in the air is Nevada's 3rd Congressional District seat
held by Republican Jon C. Porter. Last night, some media outlets
reported that former state senate Democratic leader Dina Titus had
defeated Porter, the most junior Republican on Ways and Means. However,
there's not been an official call of the race.

UPDATE, 5 p.m. CT Nov. 5:
Titus declared winner in Nevada,

unseating GOP incumbent Porter.

Thanks
to the overall increase in the House and Senate, Democrats will have a
stronger hold on the tax-writing committees in both legislative
chambers.

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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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