Dems May Jump Ship and Side with Clinton

Thursday’s House vote should be close, but analysts are predicting that Congress will be unable to collect enough votes to override Clinton’s veto of the controversial estate and gift tax repeal bill.

Some Democrats who voted for the bill initially are considering changing their votes. In addition, eleven Democrats who were absent from the original vote are expected to side with Clinton Thursday.

Worse news is that even if the House somehow manages to override the veto, the vote will be even closer in the Senate and predictions lean toward the veto being sustained in that chamber.

After the dust settles around the estate and gift tax bill, Congress will try again next week to override Clinton’s veto of the marriage penalty tax bill. No one expects that veto to be overridden in either chamber.

Part of the controversy seems to stem from the fact that no one in either house (including the White House) can agree on exactly how much budget surplus there is to go around for these various tax- and revenue-cutting measures.

The fall promises to provide some interesting debate over tax cuts, even if nothing gets accomplished in this election year.

You may like these other stories...

Ernst & Young 2013 audit deficiency rate 49%, regulators sayMichael Rapoport of the Wall Street Journal reported on Thursday that the Public Company Accounting Oversight Board (PCAOB) found deficiencies in 28 of the...
Some of your clients may get away to business conventions from time to time. It gives them a chance to rub shoulders with colleagues, catch up on the latest developments, and fine-tune their skills. And, when the meetings or...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.