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View Diary: Sen. Chuck Schumer wants to have Bush tax cut fight before election (82 comments)

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  •  Hmm. I'd like to see a link for that; (2+ / 0-)
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    HappyinNM, MKSinSA

    this would be entirely new language, since the original bill makes no mention of income levels. I don't know the ins and outs of what happened last time, but I'd imagine that extending/changing an expiration date is not the same, legislatively speaking, as inserting new language into an existing law.

    •  The Bush tax cuts were originally passed in (2+ / 0-)

      2001 and 2003. They were passed using "reconciliation," which requires that they can only be in existence for 10 years. The one passed in 2001 was set to "sunset" at the end of 2010. In order to get the Repukes to extend unemployment insurance, Obama (the Dems) agreed to extend the cuts for 2 years. They are set to terminate at the end of 2012. Depending on how the 2012 election comes out, Congress can vote to extend them further (in their present form) or they can vote to extend only those for people earning less than a certain amount. Or they can do nothing, and they will terminate automatically. Congress is magic. As long as they can agree, meaning get sufficient votes, they can pass anything they want. Here is a link to a story about the extension that was passed in 2010. Note: the procedure is the same for "extending" or "changing language." Everything must be voted on by both houses and signed by the president.

      Your left is my right---Mort Sahl

      by HappyinNM on Mon Mar 05, 2012 at 04:48:32 PM PST

      [ Parent ]

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