Congress stepped back from the brink of financial turmoil after the House passed a tax plan that included the expiration of payroll tax breaks for all and the extension of Bush-era tax cuts for most. Judy Woodruff talks to Roll Call’s Steven Dennis and the Washington Post’s Neil Irwin about how it will affect most Americans. Continue reading
In a 56-42 vote in the Senate, the GOP fell four votes shy of limiting debate on a bill containing a “trifecta” of parts, including a minimum wage increase and an estate tax cut, preventing a floor vote before the August recess. Continue reading
The Senate has been debating the possible repeal of the tax on high-value estates that are to be handed down to heirs. If Congress does not act, the threshold for qualifying for the tax will rise to $3.5 million for an estate and continue increasing until 2010, when it returns to pre-2002 rates.