Tax Lawyer's Blog

TaxNews.Com reports that,

Economic recovery legislation made further progress through the United States Congress on Tuesday after the Senate Finance Committee approved approximately $522 billion in tax cuts, incentives, and other investments to stimulate the American economy.

The legislation spearheaded by Chairman Max Baucus (D-Mont.) now includes $342 billion in tax cuts for families and businesses, with a particular focus on creating jobs in the green energy, highway, and school-building sectors.

The recovery bill includes $180 billion in incentives to create jobs in health information technology, assist unemployed Americans in retaining their health insurance and find new employment, and provide aid to financially strapped state governments.

And, best of all, Republicans got their AMT patch included in the bill:

[A]dded to the markup during yesterday’s meeting [was] a $69.8 billion measure from Senators Chuck Grassley (R-Iowa) and Robert Menendez (D-NJ) to protect as many as 24 million working families from the alternative minimum tax this year . . . .

Senate Finance Committee Chairman, Max Baucus (D-Mont) said this about the bill:

Thanks to this bill, working families will get a tax cut to make ends meet a little easier each month. Seniors, veterans, and disabled Americans will get some much-needed financial help, too. And American businesses will get tax relief and incentives to retain the jobs they have, and create new jobs when they can.

The workers hardest hit by our economic crisis can find some relief here, with better unemployment insurance and help holding on to their health insurance. Now we’re going to combine our work with the Appropriations Committee’s work. I have every confidence that the final economic recovery bill will stabilize our economy and get America moving in the right direction again.

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