Schumer Bucks Party on Wall St. Tax Hikes

If there is one, which we hope there isn't. Good idea, say Dems.

(NEWSER) - In the circus that is the Senate these days, a couple of anti-public-option Republicans—Tom Coburn and David Vitter—rolled out an amendment to the health care bill Friday requiring members of Congress to enroll in any such plan that might come to pass. When Dems didn’t object—Sherrod Brown, Chris Dodd, and Al Franken tried to cosponsor, but were rebuffed—GOP senators upped the ante and added in the president. The amended amendment would extend the mandate to the whole executive branch. More»

(NEWSER) - Reasoned debate is all well and good, but the more than 300 amendments offered to the health care reform bill by finance committee Republicans are “dangerously close to a parody,” Dana Milbank writes. Or maybe they’re already there. Take Orrin Hatch’s request for “transition relief for the excise tax on high-cost insurance plans for any state with a name that begins with the letter 'U.'” There’s only one state that starts with ‘U:’ Hatch’s Utah. More»

(NEWSER) - The sheer number of tax-related problems that have slowed confirmation of Obama nominees has some insisting the process has become tougher, Time reports. Not so, says Sen. Charles Grassley. “We are vetting nominees for the current administration the same way we vetted nominees for the previous administration,” said the ranking Republican on the Finance Committee. More»

Says ritzy ways sparked inquiry into six ministries

(NEWSER) - A top Republican lawmaker is probing six televangelists who have put their opulent lifestyles on display, the AP reports. Rolls Royces, private jets, and a $30,000 table are among the luxuries that sparked Sen. Chuck Grassley's inquiry, he said yesterday. "I don't want to conclude that there's a problem, but people who donated should have their money spent as intended and in adherence with the tax code." More»

New bill would cut tax deferrals on overseas income for managers

(NEWSER) - Democratic Rep. Rahm Emanuel said yesterday he will draft a bill to close a loophole that allows private-equity and hedge-fund managers to defer taxes on income earned by funds abroad. Emanuel proposes to limit such tax deferrals to $19,500—the amount anyone can put into a retirement account tax-free. A Senate bill passed earlier this year included a cap of $1 million on deferrals. More»