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Wednesday, November 17, 2010

Deal On Bush Tax Cut Extension May Be Near

The Hill reports that Max Baucus (D-Mont.)might introduce a tax package that would extend all Bush tax cuts for two years.

The package, which could include the estate tax and other expired tax provisions, may smooth the passage of a compromise bill before the 2001 and 2003 income tax cuts expire at year's end.

Senate Democrats will need the support of their entire caucus and several Republicans to push through a tax bill. Several Democrats have urged an extension of all the expiring tax breaks while the economy is still recovering from the recession.

Obama has signaled he would be willing to sign off on such a deal but the introduction of the Baucus proposal will not come before Thanksgiving.