The Senate's $900 billion version of the stimulus bill will come to the Senate floor for debate next week, and some proposed amendments will be offered there. Senate Budget Committee Chairman Kent Conrad wants top do more about the housing crisis, and is proposing extension of a $7,500.00 tax credit to all home purchasers, not just first time buyers. He may also seek to add mortgage cram down provisions to help homeowners whose houses are now worth less than the balance owed on their mortgages.
Senate Finance Committee member Maria Cantwell might ask for acceleration of the low income housing investment income tax credit from the present 10% each year to 20% per year for the first three years and 5.71 percent for the last seven years. She claims this would cost an additional $1.0 billion, but critics claim it won't produce any new jobs.
Vice President Joe Biden said after the House passed its version of the bill that the Senate could increase the infrastructure spending approved in the House version, and the Senate Committees have already approved addition of a $70 billion patch to the alternative minimum tax. Senator Ben Nelson will likely offer a proposal to cut the income tax on repatriated earnings of foreign subsidiaries from the current 35% to 5.25% .
Meanwhile, Senate Minority Whip Jon Kyle of Arizona, along with Senators Jeff Sessions and Tom Coburn, threatens to "explore" the possibility of a filibuster on the stimulus measure when it comes to the floor, unless Democrats slash spending and increase tax cuts in the bill.
Senate Finance Committee member Maria Cantwell might ask for acceleration of the low income housing investment income tax credit from the present 10% each year to 20% per year for the first three years and 5.71 percent for the last seven years. She claims this would cost an additional $1.0 billion, but critics claim it won't produce any new jobs.
Vice President Joe Biden said after the House passed its version of the bill that the Senate could increase the infrastructure spending approved in the House version, and the Senate Committees have already approved addition of a $70 billion patch to the alternative minimum tax. Senator Ben Nelson will likely offer a proposal to cut the income tax on repatriated earnings of foreign subsidiaries from the current 35% to 5.25% .
Meanwhile, Senate Minority Whip Jon Kyle of Arizona, along with Senators Jeff Sessions and Tom Coburn, threatens to "explore" the possibility of a filibuster on the stimulus measure when it comes to the floor, unless Democrats slash spending and increase tax cuts in the bill.
