Tax Cut Bill Delayed in House; Vote Still Possible Thursday Night

According to a report on C-span, the House was nearly finished debating the tax package when Rep. James McGovern, D-Mass., a floor manager for the tax bill, pulled the bill off of the House floor. Published reports said that Pelosi had not decided whether to allow more amendments to the Obama-GOP tax package. One amendment to the Senate bill was to be offered by Rep. Earl Pomeroy, D-N.D., which would alter the estate tax to 45% for estates valued over $3.5 million ($7 million total for married couples). The Senate version of the bill puts the estate exemption amount at $5 million for an individual taxpayer and $10 million for a couple, with a top estate tax rate of 35%. Passage of the Pomeroy amendment did not look likely.

The Senate on Wednesday overwhelmingly passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 by a vote of 81-19. The tax package extends the Bush-era tax rates for two years, extends unemployment insurance for 13 months, and institutes other tax measures.