Highlights of Senate tax and spending bill being filibustered by Senate GOP

Thursday, June 24, 2010

Highlights of Senate tax and spending bill

Highlights of tax and spending legislation killed by a GOP filibuster on Thursday:


—Extends for one year about $32 billion in tax breaks that expired in January, including a property tax deduction for people who don’t itemize, lucrative credits that help businesses finance research and develop new products, and a sales tax deduction that mainly helps people in states without income taxes.

—Increases taxes on investment and hedge fund managers, venture capitalists and many real estate investment partnerships by $13.6 billion.

—Increases taxes on oil companies by $18.3 billion by raising from 8 cents a barrel to 49 cents a barrel the tax they pay into the Oil Spill Liability Trust Fund.

—Raises taxes on multinational companies some $14.5 billion by limiting their ability to use credits for paying foreign taxes to lower their U.S. tax liability.

—Raises $9.2 billion by requiring lawyers, doctors and other service providers to pay payroll taxes on income funneled through their businesses.


—$35.5 billion to continue unemployment benefits for the long-term jobless through November. In a majority of states, the unemployed could have received benefits for up to 99 weeks.

—$16 billion for states to help cover Medicaid costs and avoid layoffs of public employees.

—$6.5 billion to provide a six-month reprieve from a scheduled 21 percent cut in Medicare payments to doctors.

—$4.6 billion to settle long-running class-action lawsuits brought by black farmers and American Indians. One lawsuit concerned the government’s management and accounting of more than 300,000 trust accounts of American Indians. The other is a discrimination lawsuit brought by black farmers against the Agriculture Department.

—$4 billion to expand the Build America Bonds program, which subsidizes interest costs paid by local governments when they borrow for construction projects.

—$1.5 billion in relief for farmers who suffered crop damage from natural disasters in 2009.

—$1 billion for summer jobs programs, for workers ages 16 to 21.


—$10.4 billion cut from last year’s economic stimulus bill, mostly from reducing food stamp benefits starting in June, 2014. A family of four would have faced about a $45-per-month benefit cut.

—$1.2 billion from changes to a tax credit earned by the working poor.

—$2.1 billion from lower Medicaid payments for certain drugs.

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