taxes

Yes, the majority of House Democrats voted against the tax deal on Thursday, but 77 of them voted yes the day after House Minority Leader Nancy Pelosi called the bill "practically an immorality."  

But for many Democrats, it appears voting against a bill that permanently locks in expanded tax benefits for working families would have been immoral.  

Speaker Paul D. Ryan, after two weeks on the job, said he has “no idea” how long he may lead the House, committing only to the 14 months left in the current Congress during an interview on CBS’ “60 Minutes.”  

No matter the duration of his tenure, the Wisconsin Republican told Scott Pelley of CBS News he is willing to risk losing the job in pursuit of major policy initiatives including tax and entitlement overhauls. The speaker also said in the interview that aired Sunday he and President Barack Obama could find common ground on select issues.  

As expected, the House Republican Conference formally approved Kevin Brady as the next Ways and Means chairman. The conference on Thursday backed the Steering Committee's decision to name the 10-term Texan as head of the powerful tax-writing committee. Brady shared his joy on Twitter after winning the Steering Committee's endorsement.

Say this much about Sen. Marco Rubio: He's not afraid to put ideas on the table.  

The Florida Republican joined Sen. Mike Lee, R-Utah, to present an outline for overhauling the tax code Wednesday morning that — scored statically and in a vacuum — would be sure to reduce the government's revenue by tens of billions of dollars and eliminate or restrict a slew of popular tax credits and deductions.  

There was no sign of brown liquor President Barack Obama's Friday lunch meeting with bipartisan political leaders, but the bourbon industry is using renewed attention to press its own lobbying interests.  

At the top of that list is the issue of the tax treatment of the whiskey that's aging in barrels in warehouses.  

Majority Leader Harry Reid is quietly stepping back from his intention to bundle an Internet tax moratorium with a more contentious proposal to allow states to collect online sales taxes, at least for now.  

The Nevada Democrat had said July 16, "I think it's fair to say the two are going to be together." The move, backed by Senate Majority Whip Richard J. Durbin, D-Ill., would have constituted a run around Finance Chairman Ron Wyden, D-Ore., who opposes the legislation known as the Marketplace Fairness Act.  

When the Senate returns from the July Fourth recess, lawmakers will have just about two weeks to fix a shortfall in funds for federally-backed highway projects, with both parties again in a dispute over taxes.  

If past is prologue, that means campaign-style events with bulldozers and hard hats will be coming to a city near you, and there still might not be a good solution. The chairman of the Senate Finance Committee has floated plan to keep highway projects from grinding to a halt — but that solution has already drawn the ire of Republicans.  

Republicans are eager to attach a repeal of a medical device surtax to the tax cut extension package on the Senate floor, but the chamber's top Democrat seems to have no appetite for it.  

The disagreement only increases the likelihood that the broader $85 billion tax extenders bill will join a long list of measures having trouble getting off the Senate floor. The larger bill would revive a package of more than 50 tax breaks that have expired.  

Observers of Sen. Charles E. Schumer had to know what would follow Thursday's tax extenders markup: laudatory press releases.  

Schumer's press operation has churned out no fewer than three separate releases about the Thursday Finance Committee markup of the tax extenders legislation, which ultimately sailed through the committee on a voice vote. All told, the package would extend most of 55 tax provisions that expired at the end of 2013.  

Sen. John Thune is leading a revived effort for an Olympic medal tax exemption.  

"Most countries not only compensate their Olympic and Paralympic athletes, but also welcome them home with celebrations. In the United States, athletes are welcomed home from winning on a world stage with a tax bill," the Republican said in a statement. "Winning an Olympic medal should be a source of great pride for our athletes and the federal government should celebrate their achievement rather than tax their success."