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Wednesday, October 27, 2010

Will the Democrats vote on taxes?

After the election, there will be a lame duck session of congress in the full week before Thanksgiving. During that week, congress will finally have to reach a vote on the appropriations for almost all of the federal government. Democrats put these votes off in order to avoid the big spender label during the election, but the government needs to be funded so that it can continue to function. Beyond the appropriations bills, however, there is also the question of taxes on the table. Unless congress acts, tens of millions of folks will be pushed into paying the Alternative Minimum Tax for 2010 and dedctions and exclusions like the college tuition will disappear for 2010 as well. Beyond these items, however, is the big question of the tax rates for everyone 2011. The biggest increase in taxes in American history is scheduled to take place starting in January of 2011 unless the law is changed.

The Democrats left Washington to campaign without even bothering to vote on these taxes. My guess is that once they come back for the lame duck session, they will not vote this time either. It will be irresponsible, but, of course, it will avoid their taking a stand on the issue and will let them drop it in the laps of the Republicans to deal with.

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