Sunday, August 8, 2010

Dodging a bullet

From the Wall Street Journal Online:


Senate Finance Committee Chairman Max Baucus (D., Mont.) has removed a controversial proposal that would force lawyers, accountants and other professionals to pay more in payroll taxes from a broader bill to extend expired tax cuts.

The payroll tax provision, which would have raised $9 billion to help pay for tax cut extensions, had drawn strong criticism from business advocacy groups and Republicans including Sen. Olympia Snowe (R., Maine).

According to an email from Senate Finance Committee staff, it was dropped along with several other changes to the tax cut extension bill. Mr. Baucus is seeking to add the extensions to a small-business bill now pending before the Senate.



Read more about the John Edwards loop hole or is it by clicking the above link.

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