Posted on 09/26/2024 3:39:12 AM PDT by RandFan
Sen. Mike Rounds (R-S.D.) said Wednesday there could be an opportunity during the lame duck session of the current Congress to negotiate a deal on taxes ahead of expirations in the code scheduled for next year.
“After the election, you’ll have one opportunity to find out if there is enough energy in the Congress to say, ‘OK, we know what’s going to happen after the first of the year.’ Based on that, both sides will look at it and say, ‘In which way do we negotiate our best deal? Can we do it before the end of the year? Or do we wait until next year and do it?” Rounds said.
If either Democrats or Republicans sweep both the Congress and the White House in November, senators told The Hill, the likelihood is that tax changes will be passed through the reconciliation process, affording the dominant party more power over the tax code.
But if Congress is split and a bipartisan approach to the tax expirations is forced, the lame duck session after the election could be the time to make a deal, said Rounds, a member of the Senate Banking Committee.
“I wouldn’t rule that out. If you take a look at the options that are out there, it depends on who wins the presidency and who controls Congress, who controls the Senate. When you start adding up all those different options on it, I wouldn’t rule out something happening in the lame duck,” he said.
(Excerpt) Read more at thehill.com ...
BOHICA, another disastrous lame duck session coming.
Throwing away victory before we have even started.
Does anyone posting on this topic even know what they’re complaining about?
We’re losing our country and Republicans are concerned about the tax code. Had enough yet?
The election is still too close.
So the Repubs have to pass a tax increase to demoralize their base and guarantee defeat.
Honestly could the base be any more demoralized than it is right now???
Do away with the federal income tax. And the IRS.
The idiot is conceding the elections...
We’ll need the republic back first.
Did you even read the article?
It’s true. We’re screwed if they expire. I’m sure he signed the sunset thinking he could redo them before second term ended. Probably should have made them permanent when he had the chance like he did with the corporate and rich tax cuts.
Appropriate to have “GOP” and “lame” in the same sentence.
I did - he wants to “work with the Dems” before the election, “just in case”.....
2. If nothing happens, the tax rates go back to the pre-2017 rates.m
3. The Democrats control the Senate, so he’s not getting anything done on his side of the aisle.
So what exactly are you complaining about?
P.S. — Even the excerpt in the article above says he was talking about a possible deal AFTER the election, not before it.
The Senate can yap all it wants. Tax bills must originate in the House. That isn’t going to happen any time soon.
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