The Hill has an article in which Alexander Bolton quotes Senate sources re the lame duck session. Appears as I have suspected that the only legislation that will be passed is a continuing resolution re spending and a temporary extension of low income tax rates for all. This is despite the President stating he opposes continued low rates for higher earners. When he says he is willing to “negotiate” on the income tax issues, he means he is ready to capitulate on a temporary extension for all. Republicans will blink and accept the temporary fix.
Note, no mention of the estate tax. Further evidence of my belief that it will be lost in the chaos and we will go back to a $1 million exemption and 55 percent rate. This is despite the fact President and 90 percent of Congress would accept at least a $3.5 million exemption and 45 rate instead.
By Kevin Staker