Unemployment Extension June 23 2010

Unemployment Extension June 23 2010,Unemployment Extension and HR 4213 aka Tax Extenders Bill Benefits Needed. The Senate has HR 4213 in their wings again, and they claim it will be passed “soon.” Just exactly how “soon” is “soon”? We haven’t gotten a straight answer. It was previously promised that the Senate wouldn’t break for Memorial Day without passing the so-called “Tax Extenders Bill” but now it’s almost a week after they re-convened.

It’s also 8 days after benefits expired for millions of Americans in tiers 1-4 of unemployment benefits. These people are also in limbo over their COBRA benefits, which aren’t affordable without the subsidy from the government.

The Senate Bill will likely have to travel back through the House before passage. The benefits in the bill are paid for partially by tax increases also found within the bill. However, the Senate version still has ballooned in cost when compared to the House version.

Unemployment Extension June 23 2010 - The Senate bill increases the tax on oil from 34 cents in the House bill to 41 cents. In addition, it increases the percent of interest that investment fund managers can claim under capital gains rates which are much lower than ordinary tax rates. The House bill only allowed 25% of investment fund interest to be taxed at the capital gains rate, compared to 35% in the Senate. This amounts to Millions in tax savings to some of the wealthiest Americans.

Now there are millions in limbo as we wait for the passage of the bill - which will take even longer to go through the red tape because of the changes made to it.
Source: CNM News Network