A Fiscally Responsible Tax Extenders Bill

Stephen Keen / June 16, 2010

Monday, Senate Majority Leader Harry Reid (D-NV) filed cloture on the tax extenders package. The bill would extend a variety of tax provisions that expire yearly and require Congress to pass them annually to prevent tax increases for many taxpayers, further extend unemployment benefits, and prevent a 21 percent decrease in payments to doctors that treat Medicare patients – the so-called “doc fix.”

The extension of the expiring tax provisions is a long-overdue exercise for Congress and should be relatively uncontroversial. But Congress – as usual – could not restrain from adding $126 billion in new spending to an otherwise necessary bill. (more…)